Question
Suppose you have a $60,000 loan with an annual percentage rate of 8% for 25 years. a.What are your required monthly payments? b.Suppose you pay
Suppose you have a $60,000 loan with an annual percentage rate of 8% for 25 years.
a.What are your required monthly payments?
b.Suppose you pay off the loan in 15 years, rather than 25. What are the required monthly payments?
c.Compare the total amounts you pay over the loan term for the two scenarios.
d.What would be the effect of paying the required monthly rate and an additional $100 each month on the cost of the two loan?
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Probability and Random Processes With Applications to Signal Processing and Communications
Authors: Scott Miller, Donald Childers
2nd edition
123869811, 978-0121726515, 121726517, 978-0130200716, 978-0123869814
