Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If a $68,087, loan at 2% interest compounded monthly is paid off in one payment after 30 years, how much is the payment? Round

 

If a $68,087, loan at 2% interest compounded monthly is paid off in one payment after 30 years, how much is the payment? Round your answer to the nearest cent.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

We can calculate the total loan payment using the Loan Payment Formula for monthly comp... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finite Mathematics and Its Applications

Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair

12th edition

978-0134768588, 9780134437767, 134768582, 134437764, 978-0134768632

More Books

Students also viewed these Mathematics questions

Question

c. Are there any prerequisites for the course?

Answered: 1 week ago