Lian took a $85,000 loan at 2.91% compounded monthly and decided to make end of month payments of $2,392. 1) How many payments will Lian have to make to amortize this loan? (rounded to the next higher whole number) 2) What will the size of his final payment be? (enter a positive value)
Lian took a $85,000 loan at 2.91% compounded monthly and decided to make end of month payments of $2,392. 1) How many payments will Lian have to make to amortize this loan? (rounded to the next higher whole number) 2) What will the size of his final payment be? (enter a positive value)
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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Transcribed Image Text:Lian took a $85,000 loan at 2.91% compounded monthly and decided to make end of
month payments of $2,392.
1) How many payments will Lian have to make to amortize this loan?
(rounded to the next higher whole number)
2) What will the size of his final payment be?
$
(enter a positive value)
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