Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You have been approved for a $50,000 at 6% compounded semi-annually and you plan to make monthly payments of $1,000 to pay off the loan.
You have been approved for a $50,000 at 6% compounded semi-annually and you plan to make monthly payments of $1,000 to pay off the loan. a) How many payments are needed to pay off the loan? b) What will be the size of your last payment? (Must use the buttons p/y, c/y, n, i/y, pv, pmt, and fv on the calculator and show which is being computed for)
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