Question: How much longer will it take monthly payments of $1000 to pay off a $100,000 loan if the monthly compounded rate of interest on the
How much longer will it take monthly payments of $1000 to pay off a $100,000 loan if the monthly compounded rate of interest on the loan is 5.25% instead of 4.875%?
Step by Step Solution
3.39 Rating (165 Votes )
There are 3 Steps involved in it
The original loan equals the present value of the loan payme... View full answer
Get step-by-step solutions from verified subject matter experts
