2. You have been approved for a $72,000 4-year loan earning 10.8% compounded monthly. (a) What are your monthly payments? (b) Create an amortization schedule for the first two payments made. (c) What is your unpaid balance after 2 years of payments have been paid?
2. You have been approved for a $72,000 4-year loan earning 10.8% compounded monthly. (a) What are your monthly payments? (b) Create an amortization schedule for the first two payments made. (c) What is your unpaid balance after 2 years of payments have been paid?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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![2. You have been approved for a $72,000 4-year loan earning 10.8% compounded monthly.
(a) What are your monthly payments?
(b) Create an amortization schedule for the first two payments made.
(c) What is your unpaid balance after 2 years of payments have been paid?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdf4ef07a-6d87-4870-9879-c387ff8ed977%2F9168a1d4-ba22-4498-bae9-af97a0de52a0%2F5e1zke8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. You have been approved for a $72,000 4-year loan earning 10.8% compounded monthly.
(a) What are your monthly payments?
(b) Create an amortization schedule for the first two payments made.
(c) What is your unpaid balance after 2 years of payments have been paid?
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can step one be structure differently using P=p( r/n)/1-(1+r/n)
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