Ramon is approved for a 8 year loan of 45,000 at nominal rate of interest convertible...

 

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Ramon is approved for a 8 year loan of 45,000 at nominal rate of interest convertible semiannually of 8.2432 percent. making monthly payments at the end of each month. a. What is his monthly payment? He will be b. Find his balance of debt at the end of the fifth year after his payment. c. What is the interest in the 60th payment? d. What is the principal paid in the 59th payment? Ramon is approved for a 8 year loan of 45,000 at nominal rate of interest convertible semiannually of 8.2432 percent. making monthly payments at the end of each month. a. What is his monthly payment? He will be b. Find his balance of debt at the end of the fifth year after his payment. c. What is the interest in the 60th payment? d. What is the principal paid in the 59th payment?

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To solve this problem we can break it down into several steps Step 1 Calculate the monthly interest rate Since the nominal rate is convertible semiann... View the full answer