Assume you have taken out a 30-year loan of $156,310 with an annual interest rate of 2.95%, compounded monthly. Determine each of the following. a. The payment amount, to the nearest cent, on the given loan amount. Payment Amount = $ b. The outstanding balance, to the nearest dollar, after 15 years. Outstanding Balance = $
Assume you have taken out a 30-year loan of $156,310 with an annual interest rate of 2.95%, compounded monthly. Determine each of the following. a. The payment amount, to the nearest cent, on the given loan amount. Payment Amount = $ b. The outstanding balance, to the nearest dollar, after 15 years. Outstanding Balance = $
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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please answer asap. my other questions have taken 5 days i need them all quick. thank you
Transcribed Image Text:Assume
you
have taken out a 30-year loan of $156,310 with an annual interest rate
of 2.95%, compounded monthly. Determine each of the following.
а. The
payment amount, to the nearest cent, on the given loan amount.
Payment Amount = $
b. The outstanding balance, to the nearest dollar, after 15 years.
Outstanding Balance
$
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