Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Janine borrowed $30,000 from her bank. Monthly payments are $730, including interest at 6.3% compounded quarterly. a. How many payments will Janine make altogether? (Do
Janine borrowed $30,000 from her bank. Monthly payments are $730, including interest at 6.3% compounded quarterly. |
a. | How many payments will Janine make altogether? (Do not round intermediate calculations and round your answer up to the next whole number.) |
No. of payments |
b. | How much is the last payment? (Do not round intermediate calculations and round your answer to 2 decimal places.) |
Last payment | $ |
c. | How much interest will Janine pay over the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places.) |
Total interest | $ |
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