The payment necessary to amortize a 6.5% loan of $77,000 compounded annually, with 5 annual payments is $18,528.86. The total of the payments is $92,644.30 with a total interest payment of $15,644.30. The borrower made larger payments of $19,000.00. Calculate (a) the time needed to pay off the loan, (b) the total amount of the payments, and (c) the amount of interest saved.

The payment necessary to amortize a 6.5% loan of $77,000 compounded annually, with 5 annual payments is $18,528.86. The total of the payments is $92,644.30 with a total interest payment of $15,644.30. The borrower made larger payments of $19,000.00. Calculate (a) the time needed to pay off the loan, (b) the total amount of the payments, and (c) the amount of interest saved.

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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