o help open up a restaurant, Austin borrowed money from a bank. He took out a personal, amortized loan for $46,500 , at an interest rate of 6.9% , with monthly payments for a term of 8 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas . (a) Find Austin's monthly payment. $ (b) If Austin pays the monthly payment each month for the full term, find his total amount to repay the loan. $ (c) If Austin pays the monthly payment each month for the full term, find the total amount of interest he will pay. $
o help open up a restaurant, Austin borrowed money from a bank. He took out a personal, amortized loan for $46,500 , at an interest rate of 6.9% , with monthly payments for a term of 8 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas . (a) Find Austin's monthly payment. $ (b) If Austin pays the monthly payment each month for the full term, find his total amount to repay the loan. $ (c) If Austin pays the monthly payment each month for the full term, find the total amount of interest he will pay. $
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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o help open up a restaurant, Austin borrowed money from a bank.
He took out a personal, amortized loan for
, at an interest rate of
, with monthly payments for a term of
years.
For each part, do not round any intermediate computations and round your final answers to the nearest cent.
If necessary, refer to the
He took out a personal, amortized loan for
$46,500
6.9%
8
For each part, do not round any intermediate computations and round your final answers to the nearest cent.
If necessary, refer to the
list of financial formulas
.
|
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