Question: Harsh realizes that payment amount is not manageable based on how much he currently makes and all of the other expenses he also has to

Harsh realizes that payment amount is not manageable based on how much he currently makes and all of the other expenses he also has to budget for. As a result, he decides paying off his loan of $22,000 in 6 years with an interest rate of 4.5% is simply more realistic.

What would Harshs monthly loan payments be with this new time line?

What will be the total interest paid?

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!

QUESTION 1 Marina had an accident with her car and the repair bill came to $900. She didn't have any emergency fund money and no extra money in her monthly budget, so she ended up borrowing from a...

By the time Harsh graduated school he had an OSAP loan of $23,000.The interest charged on the loan is about 4.5% which is compounded monthly. Harsh has decided he had better focus on getting the loan...

By the time Harsh graduated school he had an OSAP loan of $23,000. The interest charged on the loan is about 4.5% which is compounded monthly. Harsh has decided he had better focus on getting the...

1. By the time Harsh graduated school he had an OSAP loan of $22,000. The interest charged on the loan is about 4.5% which is compounded monthly. Harsh has decided he had better focus on getting the...

Harsh QUESTION 10 By the time Harsh graduated school he had an OSAP loan of $22,000. The interest charged on the loan is about 4.5% which is compounded monthly. Harsh has decided he had better focus...

Harsh realizes that payment amount is not manageable based on how much he currently makes and all of the other expenses he also has to budget for. As a result, he decides paying off his loan of...

Please show full solving steps for each question 1. Rajesh would like to buy his first car and the one he has his eye on is $25,000, plus an extra 13% HST for a total price of $28,250. The dealership...

Rajesh would like to buy his first car and the one he has his eye on is $25,000, plus an extra 13% HST for a total price of $28,250. The dealership has a deal for $0 down payment and charges 2.99%...

Answer ALL Rajesh would like to buy his first car and the one he has his eye on is $25,000, plus an extra 13% HST for a total price of $28,250. The dealership has a deal for $0 down payment and...

Replace incandescent light bulbs with compact fluorescent bulbs that use up to 75% less energy and last up to 10 times as long. From Simple Ways to Save Energy, a. What two claims are made in the...

1. Write in function notation: d=50t 2. Write as an equation with two variables: C(n)=15n+90 3. Evaluate the function: g(n)=n+2; Find g(1) 4. Write the slope-intercept form of the equation: 13x...

2 Explain what is implied by the final sentence: The balance between what they have spent and what they have found seems very unequal. What effect do you think the writer intended to have by ending...

A stock just paid a dividend of $1.68. The dividend is expected to grow at 20.41% for two years and then grow at 4.22% thereafter. The required return on the stock is 13.33%. What is the value of the...

(2) How stretching are these goals?

(5) When was the last time that I gave recognition to an individual for great performance?

(3) Who is performing well and who is not performing well?