A new loan at 9% compounded quarterly requires quarterly paymnents of $72788 for seven years.Rounded to the nearest dollar, what amount was borrowed?Amount%24135717

Interest rate = 9% Quarterly interest rate (r) = 9%/4 = 2.25% Quarterly payment (P) = $727.88 Period…

Answered: A new loan at 9% compounded quarterly…

A new loan at 9% compounded quarterly requires quarterly paymets of $727.88 for seven years. Rounded to the nearest dollar, what amount was borrowed? Amount %24 135717

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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A $345 000.00 mortgage is repaid in 19 years by making monthly payments of $ 2486.44. What is the nominal annual rate of interest compounded semi-annually?
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A store amortizes a $75,000 loan at 10% compounded quarterly with quartlerly payments of $2985.72 for 10 years. How much will be the unpaid balance after 7 years?
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1.5q
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