$2350 was borrowed 4-years ago, is to be settled by following payments:$1175 today, $1030 in 7-months from now, and a final payment in 19-months from now.What is the BALANCE(amount owing) of the loan BEFORE the following payments if the interest rate on the loan is 14% compoundedmonthly?Todayin 7 monthsin 19 months$$$(Round All Answers to 2 Decimals)

To solve this question, we need to calculate the balance of the loan at different points in time,…

Answered: $2350 was borrowed 4-years ago, is to…

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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ou were paying your fully amortising loan at 8.2% per annum for 12 years. The current monthly payment is $1,492 per month. What is the remaining loan balance at the end of year 2? Please rounded your answer to two decimal points (e.g. 8000.158 is rounded to 8000.16)
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