Answer to Question #73172 in Other Economics for Johny
2. You borrow $10,000 from a bank for three years at an annual interest rate of 12% per year compounded annually. Monthly payments will be made until all the principal and interest have been paid.
What is your monthly payment?
3. A person needs $18,000 immediately as a down payment on a new home. Suppose that she can borrow this money from her company credit union. She will be required to repay the loan in equal payments made every six months over the next 12 years. The annual interest rate being charged is 10% compounded continuously. What is the amount of each payment?
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