In order to pay for school, you borrow $22,000 at 12 percent/year compounded monthly. You do not

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In order to pay for school, you borrow $22,000 at 12 percent/year compounded monthly. You do not pay back any of it until the end of the first month following year 4, and you intend to have it paid off by the end of year 7.

a. What are your monthly payments during years 5, 6, and 7?

b. How much interest is in the sixtieth month's payment? How much principal?

c. How much interest is in the sixty-fourth month's payment? How much principal?

d. How much interest is in the sixty-eighth month's payment

Related Book For answer-question

Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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Posted Date: Jan 09, 2021 04:03 PM

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In order to pay for school, you borrow $22,000 at 12 percent/year compounded monthly. You do not

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Loan 22000 Interest Rate 12 Monthly Compounding Interest Rate 1212 1 per month Payments start after ... View the full answer

Accounting

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