4) An n-year loan involves payments of $800 at the end of each month. The interest rate is 12% convertible monthly. If the interest paid in the 45th monthly installment is $424.45, calculate number of years (or months) of the original loan and the total amount of interest paid over the life of the loan.
4) An n-year loan involves payments of $800 at the end of each month. The interest rate is 12% convertible monthly. If the interest paid in the 45th monthly installment is $424.45, calculate number of years (or months) of the original loan and the total amount of interest paid over the life of the loan.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
. Plz solve this now u alreday give me a soloutions but it is typed soloution so plz give me a handwitten soloution in one hour because typed soloutuons is not shown to me words are missing in typed solouution plz give me exactly soloution that i can use. Plz solve now in one hour and take a thumb (not on excel only handwritien needed
Transcribed Image Text:4) An n-year loan involves payments of $800 at the
end of each month. The interest rate is 12%
convertible monthly. If the interest paid in the 45th
monthly installment is $424.45, calculate number of
years (or months) of the original loan and the total
amount of interest paid over the life of the loan.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education