- Problem 5 A Loan Of 16 000 Is Paid Off In 36 Payments At The End Of Each Month In The Following Way Payments Of 400 1 (35.82 KiB) Viewed 48 times
Problem #5: A loan of $16,000 is paid off in 36 payments at the end of each month in the following way: Payments of $400
-
answerhappygod
- Site Admin
- Posts: 899603
- Joined: Mon Aug 02, 2021 8:13 am
Problem #5: A loan of $16,000 is paid off in 36 payments at the end of each month in the following way: Payments of $400
Problem #5: A loan of $16,000 is paid off in 36 payments at the end of each month in the following way: Payments of $400 are made at the end of the month for the first 12 months. Payments of $400 + x are made at the end of the month for the second 12 months. Payments of $400 + 2x are made at the end of the month for the last 12 months. What should x be if the nominal monthly rate is 9.2%? Problem #5: Answer correct to 2 decimals. Just Save Submit Problem #5 for Grading