o help open up a jewelry store, Kaitlin borrowed money from her credit union. She took out a personal, amortized loan for $44,500 , at an interest rate of 6.9% , with monthly payments for a term of 6 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas . (a) Find Kaitlin's monthly payment. $ (b) If Kaitlin pays the monthly payment each month for the full term, find her total amount to repay the loan. $ (c) If Kaitlin pays the monthly payment each month for the full term, find the total amount of interest she will pay.
o help open up a jewelry store, Kaitlin borrowed money from her credit union. She took out a personal, amortized loan for $44,500 , at an interest rate of 6.9% , with monthly payments for a term of 6 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas . (a) Find Kaitlin's monthly payment. $ (b) If Kaitlin pays the monthly payment each month for the full term, find her total amount to repay the loan. $ (c) If Kaitlin pays the monthly payment each month for the full term, find the total amount of interest she will pay.
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
To help open up a jewelry store, Kaitlin borrowed money from her credit union.
She took out a personal, amortized loan for
, at an interest rate of
, with monthly payments for a term of
years.
For each part, do not round any intermediate computations and round your final answers to the nearest cent.
If necessary, refer to the
She took out a personal, amortized loan for
$44,500
6.9%
6
For each part, do not round any intermediate computations and round your final answers to the nearest cent.
If necessary, refer to the
list of financial formulas
.
|
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