A loan of $35 000 is repaid by payments of $925 at the end of every month.

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A loan of $35 000 is repaid by payments of $925 at the end of every month. Interest is 12% compounded monthly.
(a) How many payments are required to repay the debt?
(b) What is the size of the final payment?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Feb 26, 2016 04:10 AM

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A loan of $35 000 is repaid by payments of $925 at the end of every month.

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a END mode PY 12 CY 12 12 IY 35 000 PV 925 PMT 0 FV CP...View the full answer

Contemporary Business Mathematics with Canadian Applications

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