A debt of $6500 is repaid in equal monthly installments over four years. Interest is 9% com-
Question:
(a) What is the size of the monthly payments?
(b) What will be the total cost of borrowing?
(c) What is the outstanding balance after one year?
(d) How much of the 30th payment is interest?
(e) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a PV n 650000 i 075 n 48 650000 40184782 PMT PMT 16175 Set PY 12 CY 12 6500 PV 48 N 9 IY 0 FV CPT PM...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
1+ Reviews
10+ Question Solved
Related Book For 
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
Question Posted:
