A loan for $100000 is to be repaid with monthly payments for six years. The interest rate

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A loan for $100000 is to be repaid with monthly payments for six years. The interest rate being charged is 3.4% compounded monthly.

a. Find the size of the monthly payments.

b. Find the final payment

c. Find the amount of principal repaid in the fourth year.

d. Find the amount of interest paid in the fourth year.

Related Book For answer-question

Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Posted Date: May 14, 2024 01:40 AM

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A loan for $100000 is to be repaid with monthly payments for six years. The interest rate

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Expert Answer:

a To find the size of the monthly payments we can use the formula for calculating the monthly payment of an amortizing loan Monthly Payment Loan Amoun... View the full answer

Business Mathematics In Canada

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