Guy borrowed $8000 at 7.8% compounded monthly and agreed to repay the loan in equal quarterly payments
Question:
a. How much of the fifth payment will be interest?
b. What will be the principal component of the eleventh payment?
c. How much interest will be paid by Payments 5 to 12 inclusive?
d. How much will the principal be reduced in the second year?
e. What will be the final payment?
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Given PV 8000 i 78 12 065 n 44 16 c 12 4 3 i 2 1 i C 1 10065 3 1 00...View the full answer
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Jonas Araujo
I have recently received the degree of PhD. In Physics by the Universidade Federal do Maranhão after spending a term in Durham University, as I have been awarded a scholarship from a Brazilian mobility program. During my PhD. I have performed research mainly in Theoretical Physics and published works in distinguished Journals (check my ORCID: https://orcid.org/0000-0002-4324-1184).
During my BSc. I have been awarded a scholarship to study for a year in the University of Evansville, where I have worked in detection-analysis of photon correlations in the the Photonics Laboratory. There I was a tutor in Electromagnetism, Classical Mechanics and Calculus for most of that year (2012).
I am very dedicated, honest and a fast learner, but most of all, I value a job well done.
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