16. A student borrows $58,600 at 6.0% compounded monthly. Find the monthly payment and total interest paid over a 25-year payment plan.

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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solve question 16 asap with explanation
15. A new employee charged $3120 on his credit card to relocate for his first job. After noticing that
the interest rate for his balance was 18% compounded monthly, he stopped charging on that
account. He wishes to pay off his balance in 3 years using automatic payments sent at the end of
each month.
a. What monthly payment must he make to pay off the account at the end of 3 years?
b. How much total interest will he have paid?
16. A student borrows $58,600 at 6.0% compounded monthly. Find the monthly payment and total
interest paid over a 25-year payment plan.
17. Large semitrailer trucks cost $90,000 each. A trucking company buys such a truck and agrees to
pay for it by a loan that will be amortized with 8 semiannual payments at 10% compounded
semiannually. Complete an amortization schedule for the first four payments of the loan.
Fill out the amortization schedule below.
(Round to the nearest cent as needed. Do not include the $ symbol in your answers.)
Payment Amount of
Number
Interest
Applied to
Principal
Balance
Payment
Payment
$
90,000
$
$
$
enter your
enter your
1
enter your
enter your
response
response
response here
response here
here
here
Transcribed Image Text:15. A new employee charged $3120 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 18% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 3 years using automatic payments sent at the end of each month. a. What monthly payment must he make to pay off the account at the end of 3 years? b. How much total interest will he have paid? 16. A student borrows $58,600 at 6.0% compounded monthly. Find the monthly payment and total interest paid over a 25-year payment plan. 17. Large semitrailer trucks cost $90,000 each. A trucking company buys such a truck and agrees to pay for it by a loan that will be amortized with 8 semiannual payments at 10% compounded semiannually. Complete an amortization schedule for the first four payments of the loan. Fill out the amortization schedule below. (Round to the nearest cent as needed. Do not include the $ symbol in your answers.) Payment Amount of Number Interest Applied to Principal Balance Payment Payment $ 90,000 $ $ $ enter your enter your 1 enter your enter your response response response here response here here here
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