You borrow $ 6 0 0 , 0 0 0 for 1 0 years at annual interest rate 6 and need to pay monthly This is an amortized loan a ) What is the monthly payment you need to pay b ) if you have extra cash and pay $ 3 0 0 more each month, how many months it takes to payoff the loan ...

To calculate the monthly payment for the amortized loan we can use the loan amount interest rate and ...

You borrow $ 6 0 0 , 0 0 0 for 1 0 years at annual interest

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Question:

You borrow $

600, 000

for

10

years at annual interest rate

6 %

and need to pay monthly. This is an amortized loan.

)

What is the monthly payment you need to pay?

)

if you have extra cash and pay $

300

more each month, how many months it takes to payoff the loan?

Related Book For answer-question

Intermediate Microeconomics

ISBN: 978-0393934243

8th edition

Authors: Hal R. Varian

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Posted Date: Apr 30, 2024 08:38 AM

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You borrow $ 6 0 0 , 0 0 0 for 1 0 years at annual interest

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To calculate the monthly payment for the amortized loan we can use the loan amount interest rate and ... View the full answer

Intermediate Microeconomics

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