Suppose that the monthly payment on a loan is $700: The loan amount is to be paid in 8 years and the interest rate on the loan is 8.50% per year. What is the unpaid balance after making 16 payments? (answer in whole number)

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Q: mple mteiest was eanmed of deposit earned an interest rate of %.

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Q: On September 12, Jody Hansen went to Sunshine Bank to borrow $2,300 at 9% A.P.R.  Jody plans to…

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Q: A man applied for a loan with 16% interest. The interest will be automatically deducted from the…

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Q: Suppose you want to have $800,000 for retirement in 30 years. Your account earns 9% interest. How…

A: Given, Future value (FV) = $800,000 Rate of interest (r) = 9% Time (t) = 30 years n = 12 ( months)…

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Q: A loan worth $5600 collect simple interest each year for 12 years. At the end of the time, a total…

A: The full form of APR is annual percentage rate which is annual rate of interest charged on loan.