A loan of $10 000 with interest at 6.72% compounded quarterly is repaid by payments of $950
Question:
(a) How many payments will be required to amortize the loan?
(b) If the loan is repaid in full after six years, what is the payout figure?
(c) If paid out, what is the total cost of the loan?
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a PV nc 10 00000 PMT 95000 i 168 c 42 2 p 10168 2 1 1033882 1 338...View the full answer
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Related Book For 
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
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