Miriam borrowed $82,000 at an interest rate of (12) 8.4% for 13 years. She plans to...
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Miriam borrowed $82,000 at an interest rate of (12) 8.4% for 13 years. She plans to make monthly payments to satisfy the loan. After making 15 payments, Miriam fell ill and was forced to skip 6 payments. Assume all payments are rounded up to the nearest dollar (a) What is the balance outstanding on the loan after Miriam made the last regular payment (just before she was forced to skip payments)? (b) What will new payments on the loan be assuring there will be no change in the original amortization? (i.e. the final payment will occur on the same date as it would have if she never missed a payment.) Miriam borrowed $82,000 at an interest rate of (12) 8.4% for 13 years. She plans to make monthly payments to satisfy the loan. After making 15 payments, Miriam fell ill and was forced to skip 6 payments. Assume all payments are rounded up to the nearest dollar (a) What is the balance outstanding on the loan after Miriam made the last regular payment (just before she was forced to skip payments)? (b) What will new payments on the loan be assuring there will be no change in the original amortization? (i.e. the final payment will occur on the same date as it would have if she never missed a payment.)
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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