Question
eTo purchase a new car, you borrow $34,000 for 10 years at the rate of interest of 8.6% APR compounded monthly, and you make monthly
e"To purchase a new car, you borrow $34,000 for 10 years at the rate of interest of 8.6% APR compounded monthly, and you make monthly car payments. How much interest do you pay on the 11th payment?"
f"Suzan is considering buying a home for $256,000. If she makes a down payment of $78,000 and takes out a mortgage on the rest of the money at 6.28% compounded monthly for 19 years, what will be the interest for payment number 114? Assume she makes monthly payments. "
g"If the nominal interest rate is 9.1% compounded daily, what is the required quarterly payment to repay a loan of $22,000 in 10 years? Assume 91 days per quarter."
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