Jodi takes out a loan to buy a car for $29,000. If her monthly payment is $500 and the annual interestrate of the loan is 8%, how many payments must she make to pay off the loan?73.57 (months)49.19 (months)105.49 (months)85.49 (months)

Using finance we need to find the NPER FIND NPERRATE = 8%/12PMT = 500PV =-29000FV =0 We will get…

Answered: Jodi takes out a loan to buy a car for…

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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14. Nadia takes out a loan of $150,000 to purchase an apartment. The loan is being charged a yearly interest rate of 2.5% applied monthly. Nadia is paying off the loan by making monthly payments of $500.00. (a) How much of Nadia's first payment goes towards paying interest and how much of it goes towards reducing the initial $150,000 loan amount? Show how you found your answers (b) Did Nadia reduce the loan amount she owed more in the first payment or the second payment? Justify.
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Jodi takes out a loan to buy a car for $29,000. If her monthly payment is $500 and the annual interest rate of the loan is 8%, how many payments must she make to pay off the loan? 73.57 (months) 49.19 (months) 105.49 (months) 85.49 (months)