Question: 1 . If Dave had borrowed $ 4 6 0 for one year at an APR of 8 percent, compounded monthly, what would have been

1. If Dave had borrowed $460 for one year at an APR of 8 percent, compounded monthly, what would have been his monthly loan payment? PMT___
Use Exhibit 1B-4.(Do not round your intermediate calculations. Round your final answer to 2 decimal places. Omit the "$" sign in your response.)
2. What would have been the breakdown between interest and principal of the fifth payment .
Interest___
Principal____

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!