Roberta will take out an easy-access loan for $7,000. Using the online calculator, complete the table to calculate the monthly payments and total cost to repay the loan under the various rates of interest and loan terms. (www.bankrate.com – loan calculator and amortization) Loan Term Annual Interest Rate (%) Monthly Payment ($) Total Cost to Repay the Loan ($) (months) 6.5 30 6.75 36 6.5 42 7 48 7.25 : $214.54 : $7483.68 = $7752.24 : $254.23 $7912.80 : $215.34 : $188.40 = $8085.12 : $153.17 a $311.82 : $7723.44 : $7658.50 : $168.44 $7626.90 24
Roberta will take out an easy-access loan for $7,000. Using the online calculator, complete the table to calculate the monthly payments and total cost to repay the loan under the various rates of interest and loan terms. (www.bankrate.com – loan calculator and amortization) Loan Term Annual Interest Rate (%) Monthly Payment ($) Total Cost to Repay the Loan ($) (months) 6.5 30 6.75 36 6.5 42 7 48 7.25 : $214.54 : $7483.68 = $7752.24 : $254.23 $7912.80 : $215.34 : $188.40 = $8085.12 : $153.17 a $311.82 : $7723.44 : $7658.50 : $168.44 $7626.90 24
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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Transcribed Image Text:As the loan term increases, the monthly payment
and the total cost to repay the
loan
3.
4.
5.
6.
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Transcribed Image Text:Roberta will take out an easy-access loan for $7,000.
Using the online calculator, complete the table to calculate the monthly payments and
total cost to repay the loan under the various rates of interest and loan terms.
(www.bankrate.com – loan calculator and amortization)
Loan Term
Annual Interest
Monthly Payment ($)
Total Cost to Repay
the Loan ($)
(months)
Rate (%)
24
6.5
30
6.75
36
6.5
42
7
48
7.25
: $214.54
: $7483.68
= $7752.24
: $254.23
= $7912.80
: $215.34
: $188.40
= $8085.12
: $153.17
: $311.82
: $7723.44
: $7658.50
: $168.44
: $7626.90
ere to search
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