Karen obtained a $25,000 loan at 4.5% compounded semiannually. a-1. What monthly payment will repay the...
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Karen obtained a $25,000 loan at 4.5% compounded semiannually. a-1. What monthly payment will repay the loan in 7 1/2 years? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Monthly payment a-2. How much interest will Karen pay over the life of the loan? (Round intermediate calculations to 2 decimal places and round your final answer to the nearest dollar.) Total interest EA $ Karen obtained a $25,000 loan at 4.5% compounded semiannually. a-1. What monthly payment will repay the loan in 7 1/2 years? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Monthly payment a-2. How much interest will Karen pay over the life of the loan? (Round intermediate calculations to 2 decimal places and round your final answer to the nearest dollar.) Total interest EA $
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To calculate the monthly payment for the loan we can use the formula for the monthly paymen... View the full answer
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Discovering Advanced Algebra An Investigative Approach
ISBN: 978-1559539845
1st edition
Authors: Jerald Murdock, Ellen Kamischke, Eric Kamischke
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