Question
1. Consider a car loan amount of $10,000 for a term of 5 years at 10% interest compounded monthly. Find the monthly payment, and use
1. Consider a car loan amount of $10,000 for a term of 5 years at 10% interest compounded monthly. Find the monthly payment, and use it to find the total amount paid for this loan.
| a. | $12,381.58 | |
| b. | $12,748.23 | |
| c. | $13,515.42 | |
| d. | $13,576.73 |
2.
Consider a 30-year mortgage at an interest rate of 12% compounded monthly with a $900 monthly payment. What is the total amount paid in interest?
| a. | $236,503.50 | |
| b. | $219,448.37 | |
| c. | $208,575.63 | |
| d. | $199,450.52 |
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Analysis For Financial Management
Authors: Robert C. Higgins
12th International Edition
1260091910, 9781260091915
