Suppose that you borrowed $300,000 using a 30-year loan with an annual interest rate of 8%...
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Suppose that you borrowed $300,000 using a 30-year loan with an annual interest rate of 8% with monthly payments and monthly compounding. Answer the questions that follow about the loan. a b. C. d. What will the monthly payment be for this loan? How much will you still owe on this loan at the end of the 6th year? How much of the 35th payment will consist of principal? How much interest will you pay in the 9th year of this loan? Suppose that you borrowed $300,000 using a 30-year loan with an annual interest rate of 8% with monthly payments and monthly compounding. Answer the questions that follow about the loan. a b. C. d. What will the monthly payment be for this loan? How much will you still owe on this loan at the end of the 6th year? How much of the 35th payment will consist of principal? How much interest will you pay in the 9th year of this loan?
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a Monthly loan payment is calculated using PMT function ... View the full answer
Related Book For
South Western Federal Taxation 2016 Comprehensive
ISBN: 9781305395114
39th edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young
Posted Date:
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