How much sooner will a $65,000 loan at 7.2% compounded monthly be paid off if the monthly

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How much sooner will a $65,000 loan at 7.2% compounded monthly be paid off if the monthly payments are $625 instead of $600? What will be the approximate saving in (nominal) interest costs over the life of the loan?

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Sep 21, 2024 08:02 AM

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How much sooner will a $65,000 loan at 7.2% compounded monthly be paid off if the monthly payments are $625 instead of $600? What will be the approximate saving in (nominal) interest costs over the...
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How much sooner will a $65,000 loan at 7.2% compounded monthly be paid off if the monthly

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With PV 65000 PMT 625 and i 1272 06 Thus 164payments are requ...View the full answer

Business Mathematics In Canada

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