You borrowed $63,000 at a 4.8% annual interest rate. You will pay off the loan with monthly

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You borrowed $63,000 at a 4.8% annual interest rate. You will pay off the loan with monthly payments over the next 10 years.

a) How much is each of your monthly payments?

b) What is the interest portion of your 70th payment?

c) What is the principle portion of your 50th payment?

d) After 7 years, what will your outstanding balance be?

Related Book For answer-question

Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Posted Date: Apr 01, 2024 04:14 AM

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You borrowed $63,000 at a 4.8% annual interest rate. You will pay off the loan with monthly

Question:

Expert Answer:

a Monthly Payment For a 63000 loan at a 48 annual interest rate over 10 years your monthly payment would be around 66207 Heres the breakdown of the ca... View the full answer

Business Mathematics In Canada

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