9. You have a student loan of $35,000. The bank charges 6% interest annually. You decide to pay the loan by making monthly payments of $250. How long does it take to pay off the loan? 10. For problem 9, you decide pay $5,000 now and the remaining $30,000 at $250 per month. How long does it take to pay off the loan? 11. For problem 9, you decide pay $5,000 now and the remaining $30,000 at $300 per month. How or it take to nay off tbe loan?
9. You have a student loan of $35,000. The bank charges 6% interest annually. You decide to pay the loan by making monthly payments of $250. How long does it take to pay off the loan? 10. For problem 9, you decide pay $5,000 now and the remaining $30,000 at $250 per month. How long does it take to pay off the loan? 11. For problem 9, you decide pay $5,000 now and the remaining $30,000 at $300 per month. How or it take to nay off tbe 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
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Can you answer 10 and 11 please using the formulas provided and completely work out the problems.
Transcribed Image Text:9. You have a student loan of $35,000. The bank charges 6% interest annually. You decide to pay
the loan by making monthly payments of $250. How long does it take to pay off the loan?
10. For problem 9, you decide pay $5,000 now and the remaining $30,000 at $250 per month. How
long does it take to pay off the loan?
11. For problem 9, you decide pay $5,000 now and the remaining $30,000 at $300 per month. How
long does it take to pay off the loan?
Transcribed Image Text:To Find
Given
Mu Hiply Given by:
P.
(14し)
P.
(1け))
(1+i)"- 1
し(け)
P.
し1+し)
(1+i)^- 4
(1+i)"-4
A
P.
A
A
(+し)^-
ロ
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