Problem #3: Mort is to pay off a loan of $80,000 with equal payments at the end of every month over 10 years (i.e., 120

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

Problem #3: Mort is to pay off a loan of $80,000 with equal payments at the end of every month over 10 years (i.e., 120

Post by answerhappygod »

Problem 3 Mort Is To Pay Off A Loan Of 80 000 With Equal Payments At The End Of Every Month Over 10 Years I E 120 1
Problem 3 Mort Is To Pay Off A Loan Of 80 000 With Equal Payments At The End Of Every Month Over 10 Years I E 120 1 (34.99 KiB) Viewed 71 times
Problem #3: Mort is to pay off a loan of $80,000 with equal payments at the end of every month over 10 years (i.e., 120 months). The ANNUAL effective rate is 7%. Mort decides that he can actually manage to pay double the monthly payment each month. How many MONTHS will it take him to pay off the loan? (Include the final month where the last payment will be smaller than all the rest.) Problem #3: Answer in integer number of months. Just Save Submit Problem #3 for Grading
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”