Joe secured a loan of $13,000 four years ago from a bank for use toward his college
Fantastic news! We've Found the answer you've been seeking!
Question:
Joe secured a loan of $13,000 four years ago from a bank for use toward his college expenses. The bank charges interest at the rate of 9%/year compounded monthly on his loan. Now that he has graduated from college, Joe wishes to repay the loan by amortizing it through monthly payments over 15 yr at the same interest rate. Find the size of the monthly payments he will be required to make. (Round your answer to the nearest cent.)
Related Book For
Personal Finance Turning Money into Wealth
ISBN: 978-0134730363
8th edition
Authors: Arthur J. Keown
Posted Date: