(a) Find Rachel's monthly payment. (b) If Rachel pays the monthly payment each month for the full term, find her total amount to repay the loan. (c) If Rachel pays the monthly payment each month for the full term, find the total amount of interest she will pay.
(a) Find Rachel's monthly payment. (b) If Rachel pays the monthly payment each month for the full term, find her total amount to repay the loan. (c) If Rachel pays the monthly payment each month for the full term, find the total amount of interest she will pay.
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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![To help pay for culinary school, Rachel borrowed money from an online lending company. She took out a personal, amortized loan for $56,000, at an interest rate of 5.3%, with monthly payments for a term of 15 years.
For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas.
(a) Find Rachel's monthly payment.
$[ ]
(b) If Rachel pays the monthly payment each month for the full term, find her total amount to repay the loan.
$[ ]
(c) If Rachel pays the monthly payment each month for the full term, find the total amount of interest she will pay.
$[ ]
Note: There are no graphs or diagrams included in the text.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F11aa15ac-70f1-467d-87fe-427c9c2dd80e%2F0bdb58fa-cd04-4f2d-8a5b-a02b9fc36742%2F7ujk4we_processed.jpeg&w=3840&q=75)
Transcribed Image Text:To help pay for culinary school, Rachel borrowed money from an online lending company. She took out a personal, amortized loan for $56,000, at an interest rate of 5.3%, with monthly payments for a term of 15 years.
For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas.
(a) Find Rachel's monthly payment.
$[ ]
(b) If Rachel pays the monthly payment each month for the full term, find her total amount to repay the loan.
$[ ]
(c) If Rachel pays the monthly payment each month for the full term, find the total amount of interest she will pay.
$[ ]
Note: There are no graphs or diagrams included in the text.
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