Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help, $80,000 loan is amortized by monthly payments over 25 years. the interest rate is charged 10% compounded semi-annually. how much interest will be
Please help,
$80,000 loan is amortized by monthly payments over 25 years. the interest rate is charged 10% compounded semi-annually. how much interest will be paid during the first 3 years?
the answer is $23,161.96 but don't know how to get it
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