You are considering taking out a loan of 20,000.00 that will be paid back over 7 years with monthly payments of 280.80. If the interest rate is 4.8% compounded monthly, what would be the unpaid balance after the 37th payment?
You are considering taking out a loan of 20,000.00 that will be paid back over 7 years with monthly payments of 280.80. If the interest rate is 4.8% compounded monthly, what would be the unpaid balance after the 37th payment?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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You are considering taking out a loan of 20,000.00 that will be paid back over 7 years with monthly payments of 280.80. If the interest rate is 4.8% compounded monthly, what would be the unpaid balance after the 37th payment?
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