Answered step by step
Verified Expert Solution
Question
1 Approved Answer
4. A bank recently loaned you $15,000 to buy a car. The loan is for five years (60 months) and is fully amortized. The nominal
4. A bank recently loaned you $15,000 to buy a car. The loan is for five years (60 months) and is fully amortized. The nominal rate on the loan is 12%, and payments are made at the end of each month. What will be the remaining balance on the loan after you make the 30th payment? (1) $8,611.17 $8,763.62 $8,815.50 $8,912.55 5. Erika just put $10,000 into a new savings account, and she plans to contribute another $20,000 one year from now, and $50,000 two years from now. The savings account pays 6% annual interest. With no other deposits or withdrawals, how much will she have in the account 10 years from today? (1) $128,198.56 $131,390.46 $132,387.98 $133,554.32 $134,987.98
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started