Susan borrowed $5000. The terms of the loan were equal monthly payments at 12% compounded monthly...
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Susan borrowed $5000. The terms of the loan were equal monthly payments at 12% compounded monthly for 3 years. After making payments for 1 year, Susan decided to pay off the balance of the loan. a. What was Susan's monthly payment? b. How much must Susan pay at the end of 1 year to pay off the balance of the loan? C. How much interest did Susan save by repaying the loan in 1 year? 5. Susan borrowed $5000. The terms of the loan were equal monthly payments at 12% compounded monthly for 3 years. After making payments for 1 year, Susan decided to pay off the balance of the loan. a. What was Susan's monthly payment? b. How much must Susan pay at the end of 1 year to pay off the balance of the loan? C. How much interest did Susan save by repaying the loan in 1 year? 5.
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PV 50 r12012 In12 montsg 3D t 3 pV pmT z 5o00 nt 36 1L 12 012 012 12 5000 ... View the full answer
Related Book For
A Survey of Mathematics with Applications
ISBN: 978-0134112107
10th edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
Posted Date:
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