Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose I want to borrow $115,000 and I find a bank offering a 20-year loan with an APR of 6 %. Please help me to

Suppose I want to borrow $115,000 and I find a bank offering a 20-year loan with an APR of 6 %. Please help me to figure out the TOTAL payout for each loan.

A. The payment for n= 1 would be $10,026

B. The payment for n= 12 would be $824.00

C. The payment for n= 26 would be $380.00

D. The payment for n= 52 would be $190.00

**PLEASE help me to ROUND THE TOTAL PAYOUTS ABOVE to the NEAREST DOLLAR $$$***

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Elementary Linear Algebra with Applications

Authors: Howard Anton, Chris Rorres

9th edition

471669598, 978-0471669593

More Books

Students also viewed these Mathematics questions

Question

Which kind of lens is used to make a magnifying glass?

Answered: 1 week ago