Question
A loan of $12,000 with interest at 9% compounded monthly is repaid by payments of $ 961.00 made at the end of every three months.
A loan of $12,000 with interest at 9% compounded monthly is repaid by payments of $ 961.00 made at the end of every three months.
(a) How many payments will be required to amortize theloan?
(b) If the loan is repaid in full in 2 years, what is the payoutfigure?
(c) If paidout, what is the total cost of theloan?
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Contemporary Business Mathematics with Canadian Applications
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
10th edition
133052311, 978-0133052312
