Question
A family wants to renovate their home and needs 86000 euro credit for it. The bank grants the credit with the following terms: The principal
A family wants to renovate their home and needs 86000 euro credit for it. The bank grants the credit with the following terms:
- The principal payment is fixed
- The loan period is 2 years
- The loan payments are made semi-annually
- The interest rate is 3.8 % p.a
- The credit fee is 6020.0 €
Calculate the total costs of the loan.
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
To calculate the total costs of the loan we need to consider the principal payment interest payments ...
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Mathematical Applications for the Management Life and Social Sciences
Authors: Ronald J. Harshbarger, James J. Reynolds
11th edition
9781337032247, 9781305465183, 1305108043, 1337032247, 1305465180, 978-1305108042
