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can i get help with these questions please it is needed badly You have borrowed $39,309 from your parents and have agreed to amortize the
can i get help with these questions please it is needed badly
You have borrowed $39,309 from your parents and have agreed to amortize the loan over 6 years making equal annual payments at the end of each year. Therefore at the end of that time the loan balance must be zero. You agreed to pay 6.89% interest rate on the loan. How many dollars in Interest will you pay during the second year of the loan? Round to the nearest penny and enter your answer in the box below. On January 1, you borrowed $36,089 from your parents and have agreed to amortize the loan over 5 years making equal annual payments at the end of each year. Therefore at the end of that time the loan balance must be zero. You offered to pay 4.41% interest rate on the loan. What would be the balance on the loan at the beginning of the second year? Round to the nearest penny and enter your answer in the box below. You recently found that a rich Uncle Herbert you never knew existed left you $176,036 in his will. The problem is, that money is not available to you for 8 more years (because uncle Herbert didn't think you were old enough to handle it - but he didn't know you all that well). Because you did so well in your Economics classes, you are aware of inflation (which you estimate to average 2.63% per year over the next 8 years). What is the value of the $176,036 your uncle left you in today's dollars? Enter your answer to the nearest cent Step by Step Solution
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