Question: please solve 9 & 10 and show computations 9) Dora repaid her loan by paying $8,890 each year for 10 years. The interest rate on
please solve 9 & 10 and show computations 9) Dora repaid her loan by paying $8,890 each year for 10 years. The interest rate on the loan was 4.6% per year. a) What was the principal amount she had borrowed? b) What was the total amount she paid on the loan? c) If she had borrowed $80,000 on the 10-year loan, what would have been her annual payments, if the interest rate on the loan was 4.6% per year? d) If she had borrowed $80,000 on a 4.6% interest rate loan, and paid $7,877 each year, how long will it take her to repay the loan? 10) You deposit $10,000 at the end of each of the next 4 years into an account that pays 12% annually. What is the account balance at the end of 10 years
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
