Question
You borrowed $63,000 at a 4.8% annual interest rate. You will pay off the loan with monthly payments over the next 10 years. a) How
You borrowed $63,000 at a 4.8% annual interest rate. You will pay off the loan with monthly payments over the next 10 years.
a) How much is each of your monthly payments?
b) What is the interest portion of your 70th payment?
c) What is the principle portion of your 50th payment?
d) After 7 years, what will your outstanding balance be?
Step by Step Solution
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a Monthly Payment For a 63000 loan at a 48 annual interest rate over 10 years your monthly payment would be around 66207 Heres the breakdown of the ca...
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Business Mathematics In Canada
Authors: Ernest Jerome
7th edition
978-0071091411, 71091416, 978-0070009899
