You are considering borrowing $50,000 on a 180-month loan. The annual interest rate on the loan depends

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You are considering borrowing $50,000 on a 180-month loan. The annual interest rate on the loan depends on your credit score, as shown in Figure 10-8. Write a formula that gives your monthly payments as a function of your credit score.

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Microsoft Excel Data Analysis And Business Modeling

ISBN: 9780137613663

7th Edition

Authors: Wayne Winston

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Question Posted: Apr 18, 2023 04:34 AM

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You are considering borrowing $50,000 on a 180-month loan. The annual interest rate on the loan depends

Question:

D Annual Rate 8.15 0.0815 ($482.17) 8.45 0.0845 ($490.91) 8.95 0.0895 ($505.65) 9.725 0.09725 ($528.92) 11.225 0.11225 ($575.38) 12.475 0.12475 ($615.45) Figure 10-8 Dependence of loan payments on credit score. C 9 Credit Score 10 740-850 11 720-739 12 700-719 13 670-699 14 640-669 15 620-639 E F

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To calculate the monthly payments for a 180month loan we can use the formula for a fixed monthly pay...View the full answer

Microsoft Excel Data Analysis And Business Modeling

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