Explanation When a lone is taken from the banks, the borrower needs to pay back both the principal amount and the interest on top of that principal amount. Interest is a fee the borrower pays for using someone else’s money (Which is bank in most cases). That is how banks and lenders make profit by giving out loans. This is their business model...

Using & Understanding Mathematics: A Quantitative Reasoning Approach with Integrated Review, Loose-Leaf Edition Plus MyLab Math with Pearson eText -- 18 Week Access Card Package

7th Edition

ISBN: 9780136698425

Author: Bennett, Jeffrey, Briggs, William

Publisher: PEARSON

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Chapter 4.D, Problem 65E

To determine

Loan Table in Excel. Consider the loan in Exercise (a $7500 loan with an APR of 9% and a payback period of 10 years).

a. Follow the guidelines in the Using Technology) box on p. 241 to construct a table showing the interest payment and loan balance after each month. Verify that, with monthly payments of $95.01, the loan balance reaches $0 after 120 months.

b. How much interest is paid in the first month of the loan? How much is paid toward the principal in the first month of the loan?

c. How much interest is paid in the last month of the loan? How much is paid toward the principal in the last month of the loan?

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Chapter 4.D, Problem 64E

Chapter 4.E, Problem 1QQ

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Chapter 4 Solutions

Using & Understanding Mathematics: A Quantitative Reasoning Approach with Integrated Review, Loose-Leaf Edition Plus MyLab Math with Pearson eText -- 18 Week Access Card Package

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