A person borrows $60,000 at 6% (yearly) and makes monthly payments of $400 B=60000 (1+i)9-400](1+x) B =

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A person borrows $60,000 at 6% (yearly) and makes monthly payments of $400

B=60000 (1+i)"9-400](1+x)" B = P(1+i) - RICH) ] - B = 80931.01 - 27408.0) 1

What is the balance of the loan after 5 years? B= 653,023 2

What is the balance after 10 years? 120 B=6000/19923_400[] B-$43,612.06 B=109163.80-65,551.74 3

What us the balance after 20 years? B=60000113 832) 760.400[0t 3 B = 19,612.27-184,816.36 B=$13,795.91 4.

What is the total number of payments made and the total amount paid after 20 years?

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Calculus

ISBN: 9781285057095

10th Edition

Authors: Ron Larson, Bruce H. Edwards

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Posted Date: Mar 30, 2024 03:50 AM

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A person borrows $60,000 at 6% (yearly) and makes monthly payments of $400 B=60000 (1+i)9-400](1+x) B =

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SOLUTION 1 What is the balance of the loan after 5 years We can use the formula for calculating the ... View the full answer

Calculus

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