Question
As We Go Bank offers its customers a line-of-credit loan in which each month's outstanding balance has an interest charge at 12.4% APR. For the
As We Go Bank offers its customers a line-of-credit loan in which each month's outstanding balance has an interest charge at
12.4%
APR. For the loans in the popup window,
LOADING...
,
all with a
$100,000
credit line, what are the required monthly interest payments and the total interest paid for the year?
| Month | Outstanding Balance Loan A | Outstanding Balance Loan B | Outstanding Balance Loan C | Outstanding Balance Loan D |
| January | $22,393 | $68,703 | $0 | $53,778 |
| February | $31,385 | $82,748 | $0 | $0 |
| March | $16,441 | $96,159 | $0 | $41,172 |
| April | $24,731 | $45,904 | $98,375 | $0 |
| May | $31,325 | $13,574 | $92,120 | $79,382 |
| June | $48,057 | $0 | $95,352 | $0 |
| July | $37,751 | $0 | $60,241 | $66,648 |
| August | $28,897 | $0 | $54,106 | $0 |
| September | $23,933 | $22,416 | $36,135 | $48,469 |
| October | $24,536 | $36,884 | $22,783 | $0 |
| November | $27,049 | $48,855 | $0 | $45,325 |
| December | $18,276 | $55,971 | $0 | $0 |
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Public Finance
Authors: Harvey Rosen, Ted Gayer
10th Global Edition
007715469X, 978-0077154691
