Question: Pls explain how to get answer without excel 0 / 1 point Question 4 You just borrowed $85,500 from a bank. You will be making

Pls explain how to get answer without excel
0 / 1 point Question 4 You just borrowed $85,500 from a bank. You will be making monthly payments on your loan. The payments will be made at the end of the month. The bank is charging you 22.5% compounded quarterly. At the end of first month how much do you owe the bank in interest? Your answer should be accurate to two decimal places. Answer: 5,983.93x (1,573.97) Question 5 0 / 1 point You have a loan that charges you 20.0% compounded annually. You are making payments every other week (every two weeks). What is effective periodic rate of interest? Your answer should be shown as a percentage and it should be accurate to four decimal places. Answer: x (0.7037) Question 6 0 / 1 point You invested $86,200 in an account that earns 8.1% compounded annually. After 5 years what will be amount of the total interest that you have earned? Your answer should be accurate to two decimal places. Answer: 127,243.54 x (41,043.54)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
