Question: A student borrows $ 5 0 , 9 0 0 at 7 . 2 % compounded monthly. Find the monthly payment and total interest paid

A student borrows $50,900 at 7.2% compounded monthly. Find the monthly payment and total interest paid over a 15 year payment plan.
The payment size is $
(Round to the nearest cent.)
A student borrows $50,900 at 7.2% compounded monthly. Find the monthly

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!

Q:

1. A car priced at $3,000 is brought on 10% down payment with the balance to be repaid by monthly instalments over 3 years at 14% p.a. flat. a) Calculate the monthly instalment. b) Using Excel create...

Q:

30 year fixed rate Monthly Payment: Total Interest Paid: Yearly Insurance Cost, with company name: Annual Property Taxes: Closing Costs; list each individual item and its cost. Amount/time saved if...

Q:

Please show the steps BoyuQuCh7CaseStudy - Excel File Insert Page Layout Formulas Data Review View Add-ins ACROBAT QuickBooks Tell me what you want to do Sign in Share Autosum Calibri Fill Paste u ....

Q:

1. A 350,000 home loan is amortized by equal monthly payments for 30 years, starting one month from the time of the loan at a nominal rate of 6% convertible monthly. What is the total interest paid...

Q:

I NEED TO KNOW HOW TO DO THE BELOW 2 FORMULAS. WHEN YOU SEE THE SPREADSHEET I HAVE ENTER ONE FORMULA BUT IT IS NOT COMING OUT CORRECTLY....

Q:

Need help with this accounting worksheet. 2:48 d . ON all 77% 2020-21 ACCT FUND S1 Brown Impact of Credit Score on ... NGPF Next Gen Personal Finance Impact of Credit Score on Loans For this...

Q:

Playtown Corporation purchased 7 5 percent of Sandbox Company common stock and 4 0 percent of its preferred stock on January 1 , 2 0 X 6 , for $ 2 7 0 , 0 0 0 and $ 8 0 , 0 0 0 , respectively . At...

Q:

can you please answer #45 and #56? it is from the same document from before. Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement...

Q:

45. Luther Industries has a dividend yield of 4.5% and a cost of equity capital of 12%. Luther Industries' dividends are expected to grow at a constant rate indefinitely. The growth rate of Luther's...

Q:

an investment will $205,000 at the end of next year for an investment of $183,000 at the start of the year. If the market interest rate is 8% over the same period, should the investment be made?...

Q:

If you knew everything about the properties of the 20 common (proteinous) amino acids, would you be able to predict the properties of a protein (or large peptide) made from them?

Q:

Dean plans to retire at the age of 62. He wants an annual income of $60,000 per year. He has 15 years of annual payments to make before retirement. How much does he have to place at the beginning of...

Q:

Please answer these questions in paragrpahs. 1. Provide analysis surrounding the key assumptions relating to standard finance theory and Passive approaches to investing. Provide analysis surrounding...

Q:

P-1) (100 Pts.) A chemical manufacturing company (CMC) has a contract for the procurement of the neccssaly chemicals from four suppliers. The chemicals purchased from Supplier A are priced at $20...

Q:

(Appendices) International Studies Using the Internet, compare the value of the dollar to the value of worldwide currencies. Find the value of the Japanese yen, British pound, Chinese yuan, Euro,...

Q:

(Appendices) A luncheon speaker stated, most firms have a strong financial incentive to reduce occupational injuries because the indirect costs of workplace accidents can exceed the employers direct...

Q:

(Appendices) Research Perform research to find a recent news story about a business that used deceptive marketing practices, such as price fixing, bait and switch, fake sales, low-balling, or another...