Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Aiyana took a $72,000 loan at 2.83% compounded monthly and decided to make end of month payments of $2,128. 1) How many payments will Aiyana
Aiyana took a $72,000 loan at 2.83% compounded monthly and decided to make end of month payments of $2,128. 1) How many payments will Aiyana have to make to amortize this loan? 2) What will the size of her final payment be?
Aiyana took a $72,000 loan at 2.83% compounded monthly and decided to make end of month payments of $2,128. 1) How many payments will Aiyana have to make to amortize this loan? (rounded to the next higher whole number) 2) What will the size of her final payment be? $ (enter a positive value)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