Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please show work! was told repayment period was 72 months but it is what section c is asking so need to find out how to
please show work!
was told repayment period was 72 months but it is what section c is asking so need to find out how to get there
3. A loan of $5000 is to be paid off with level payments at the end of each month at 3% compounded monthly. The amount of interest paid in the 61" payment is $2.24 and the amount of principal repaid in the 42nd payment is $70.31. Find: a) The amount of principal repaid in the 61" payment. b) The size of the level monthly payment. c) The number of months necessary to pay off the loan. d) The amount of interest paid in the 10 payment 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