u are offered an add-on loan for $4,500 at 18% for 5 years.
What is the monthly payment?
What is the amount of interest?
What is the true interest rate cost of this loan?
If u could pay the same loan above at a compound rate:
What would the monthly payment be?
What would the amount of interest be?
Prepare a monthly payment schedule for each loan above using Excel, and submit it.
Suppose that u are only allowed to make a balloon payment to the principal of the compound interest loan. You have $1,000 to put down at the beginning of year three. How many payments will you save?
Subject | Mathematics |
Due By (Pacific Time) | 08/25/2015 12:00 am |
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