You have an outstanding student loan with required payments of $500 pe ate on the loan is 8% APR (monthly). You are considering making an ext in extra $150 that you are not required to pay). If you are required to con until the loan is paid off, what is the amount of your final payment? What wwith monthly compounding) have you earned on the $150?

You have an outstanding student loan with required payments of $500 pe ate on the loan is 8% APR (monthly). You are considering making an ext in extra $150 that you are not required to pay). If you are required to con until the loan is paid off, what is the amount of your final payment? What wwith monthly compounding) have you earned on the $150?

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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Give typing answer with explanation and conclusion you want to borrow $71,400 from your local bank to buy a nee sailboat. you can afford to make monthly paymnets of $1,480 but no more. assuming monthly compounding, what is the highest rate per year you can afford on a 78- month-loan?
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