A loan balance of $23,960 is to be repaid over a 7-year term by equal monthly payments of 6.8% compounded semi-annually.
Posted: Wed Apr 06, 2022 9:06 am
A loan balance of $23,960 is to be repaid over a 7-year term by
equal monthly payments of 6.8% compounded semi-annually. At the
request of the person, the monthly payments were set at $440.
a. How many payments will the person have to make?
b. What is the size of the last payment? \
c. Determine the difference between the total actual amount paid
through $440 payments and the total amount required through normal
amortization at 6.8% to amortize the loan by the contractual
monthly payments.
equal monthly payments of 6.8% compounded semi-annually. At the
request of the person, the monthly payments were set at $440.
a. How many payments will the person have to make?
b. What is the size of the last payment? \
c. Determine the difference between the total actual amount paid
through $440 payments and the total amount required through normal
amortization at 6.8% to amortize the loan by the contractual
monthly payments.