A student takes out a loan of ​$2,000 at the beginning of each semester​ (semi-annually) for 13 semesters to pay for college. The loan charges 7.6​% interest compounded semiannually. The student graduates after the 13 semesters and refinances the loan to a lower 6.9​% rate compounded monthly with monthly payments ​(made at the end of each​ month) for 120 months. Find the monthly payment and the total interest paid.

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Q: Find the payments necessary to amortize each loan. $2500, 16% compounded quarterly, 6 quarterly…

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Q: Quarterly withdrawals of $850 for 7 years; interest rate is 4.9% compounded quarterly. Find the…

A: The formula is:A=P1+r4004Twhere P=principal amountr=rate of interestT=time

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Q: find the maturity value of an investment of $1200 invested at 6% simple interest for 5 years

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A: Given,  Amount = $22,400 time = 3 years rate = 8%

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Q: What's the interest in a $500 loan at an annual simple interest rate of 9% at the end of 1 year?

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