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Posted on Aug 27, 2024

. You borrows $5,000 at 6% nominal rate of interest. The loan is to be paid back in monthly payments over the next 4 years.

. You borrows $5,000 at 6% nominal rate of interest. The loan is to be paid back in monthly payments over the next 4 years.

What are your monthly payments?

What is the balance of your loan after you pays the 36^th payment?

If the balance of the loan is paid when you make the 36^th payment, how much interest did you pay over the 3-year period?

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