Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please find x and the outstanding balance (10 points) Marquis de Bellecourt takes a $795,000 loan. The loan is to be repaid in 23 blmonthly
Please find x and the outstanding balance
(10 points) Marquis de Bellecourt takes a $795,000 loan. The loan is to be repaid in 23 blmonthly payments starting two months after the loan was made as follows: for the first 10 months, the lender charges a nominal annual interest rate of 1.5% compounded blmonthly and Marquis de Bellecourt makes payments of 3X; for the next 20 months, the lender charges a nominal annual interest rate of 3.45% compounded bimonthly and Marquis de Bellecourt makes payments of X; and for the last 16 months, the lender charges a nominal annual interest rate of 1.75% compounded bimonthly and Marquis de Bellecourt makes payments of 4X. a) Find X X = $ 34782 b) Find Marquis de Bellecourt's outstanding balance immediately after the 11th payment. Use the unrounded value of Xin your calculation. Answer = $ (10 points) Marquis de Bellecourt takes a $795,000 loan. The loan is to be repaid in 23 blmonthly payments starting two months after the loan was made as follows: for the first 10 months, the lender charges a nominal annual interest rate of 1.5% compounded blmonthly and Marquis de Bellecourt makes payments of 3X; for the next 20 months, the lender charges a nominal annual interest rate of 3.45% compounded bimonthly and Marquis de Bellecourt makes payments of X; and for the last 16 months, the lender charges a nominal annual interest rate of 1.75% compounded bimonthly and Marquis de Bellecourt makes payments of 4X. a) Find X X = $ 34782 b) Find Marquis de Bellecourt's outstanding balance immediately after the 11th payment. Use the unrounded value of Xin your calculation. Answer = $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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