The third file is for a client named Alexei. Alexei took out a personal loan exactly...
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The third file is for a client named Alexei. Alexei took out a personal loan exactly one year ago with Harrison Bank. From his file, you have noted the following information: ● Original loan amount: $38,000 • Current loan outstanding: $33234.85 • Monthly repayment: $660 • Next repayment: Due exactly 1 month from now • Interest rate on loan:112=8.8% For the purposes of the remaining questions, use the rounded values given above. Using this information, determine the following: If Alexei continues making monthly repayments of $660, and if the interest rate does not change, how many further FULL repayments does he expect to have to make in order to repay the loan? Do NOT include any final smaller repayment to pay off the remaining balance. Answer: The third file is for a client named Alexei. Alexei took out a personal loan exactly one year ago with Harrison Bank. From his file, you have noted the following information: ● Original loan amount: $38,000 • Current loan outstanding: $33234.85 • Monthly repayment: $660 • Next repayment: Due exactly 1 month from now • Interest rate on loan:112=8.8% For the purposes of the remaining questions, use the rounded values given above. Using this information, determine the following: If Alexei continues making monthly repayments of $660, and if the interest rate does not change, how many further FULL repayments does he expect to have to make in order to repay the loan? Do NOT include any final smaller repayment to pay off the remaining balance. Answer:
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Data provided in the question Current outstanding amount 1942348 Monthly repayment 930 Inter... View the full answer
Related Book For
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
Posted Date:
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