You are considering taking out a loan of $10,000.00 that will be paid back over 9 years with quarterly payments of $360.02. If the interest rate is 5.9% compounded quarterly, what would the unpaid balance be immediately after the eleventh payment? The unpaid balance would be $ (Round to 2 decimal places.) Submit Question

You are considering taking out a loan of $10,000.00 that will be paid back over 9 years with quarterly payments of $360.02. If the interest rate is 5.9% compounded quarterly, what would the unpaid balance be immediately after the eleventh payment? The unpaid balance would be $ (Round to 2 decimal places.) Submit Question

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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Similar questions

How long will it take to pay off a loan of $47,000 at an annual rate of 8 percent compounded monthly if you make monthly payments of $650? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is enter your response here years. (Round to one decimal place.)
Suppose you want to borrow $90,000 and you find a bank offering a 20-year loan with an APR of 5%. a. Find your regular payments if you pay n = 1, 12, 26, 52 times a year. b. Compute the total payout for each of the loans in part (a). c. Compare the total payouts computed in part (b). a. The payment for n = 1 would be $ The payment for n = 12 would be $ The payment for n = 26 would be $ The payment for n= 52 would be $ (Do not round until the final answer. Then round to the nearest cent as needed.)
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