4-103. You repay a student loan of $20,000 in equalmonthly installments over 5 years at a nominal interestrate of 24%, compounded on a monthly basis. Theinterest rate remains constant over this entire period oftime. What is the monthly repayment amount? (4.15)

Given that: Loan amount = $20,000 Time period = 5 years Interest rate = 24$ compounded monthly To…

Answered: 4-103. You repay a student loan of…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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P(A) [-(-) paying less in interest, which is more economical for a $190,000 mortgage: a 30-year fixed-rate at 10% or a 20-year fixed-rate at 9.5%? How much is saved in interest? Use PMT= -nt to determine the regular payment amount, rounded to the nearest dollar. In terms of Determine which loan is more economical. Choose the correct answer below. O The 30-year 10% loan is more economical. O The 20-year 9.5% loan is more economical. The buyer will save approximately $ in interest. (Do not round until the final answer. Then round to the nearest thousand dollars.)
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The monthly payment is $ enter your response here. (Round to the nearest cent as needed.)
Fritz Benjamin buys a car costing $6600. He agrees to make payments at the end of each monthly period for 4 years. He pays 6.0% interest, compounded monthly. (a) What is the amount of each payment? (b) Find the total amount of interest Fritz will pay. (a) Fritz's monthly payment is $. (Round to the nearest cent as needed.) (b) Fritz will pay a total of $ in interest. (Round to the nearest cent as needed.)
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A loan of 500,000 is repaid with 12n equal end of month payments of X. The total amount of principal paid in the nth year is 51308. 042 53. The nominal rate of interest is 3.96% convertible monthly. Find the total interest paid during the life of the loan.
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4-103. You repay a student loan of $20,000 in equal monthly installments over 5 years at a nominal interest rate of 24%, compounded on a monthly basis. The nterest rate remains constant over this entire period of ime. What is the monthly repayment amount? (4.15)