q 24 thank you Jack accumulated $40,000 in student loans. He agrees to pay thedebt over 10 years at a rate of 4.5%, compounded monthly. Hismonthly payments are of $414.55, which he pays at the end of eachmonth.After two years of making these payments, Jack gets a higher-payingjob and wants to increase the size of his monthly payments to pay offthe loan more quickly.If his interest rate is still 4.5%, compounded monthly, and he pays offthe loan after two more years, how much are the new monthlypayments?(HINT: Start by finding Jack's unpaid balance at the end of the firsttwo years.)ANSWER: $Do not include units in the answer box. Just a number. Round youranswer to the nearest cent.

in this problem we have to find out present value of loan amount and than calculate monthly payments…

ly payments are of $414.55, which he pays at the end of e n. two years of making these payments, Jack gets a higher-pa d wants to increase the size of his monthly payments to pa an more quickly. nterest rate is still 4.5%, compounded monthly, and he pay an after tw how much the onthly

ly payments are of $414.55, which he pays at the end of e n. two years of making these payments, Jack gets a higher-pa d wants to increase the size of his monthly payments to pa an more quickly. nterest rate is still 4.5%, compounded monthly, and he pay an after tw how much the onthly

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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Question

q 24 thank you

Jack accumulated $40,000 in student loans. He agrees to pay the
debt over 10 years at a rate of 4.5%, compounded monthly. His
monthly payments are of $414.55, which he pays at the end of each
month.
After two years of making these payments, Jack gets a higher-paying
job and wants to increase the size of his monthly payments to pay off
the loan more quickly.
If his interest rate is still 4.5%, compounded monthly, and he pays off
the loan after two more years, how much are the new monthly
payments?
(HINT: Start by finding Jack's unpaid balance at the end of the first
two years.)
ANSWER: $
Do not include units in the answer box. Just a number. Round your
answer to the nearest cent.

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