Angelo Lemay borrowed $8000 from his credit union. He agreed to repay the loan by making equal monthly payments for five years. Interest is 9% compounded monthly. Complete parts (a) though (f). (a) What is the size of the monthly payments? The size of a monthly payment is $ 166.07. (Do not round until the final answer. Then round to the nearest cent as needed.) (b) How much will the loan cost him? The cost of the loan is $ 1964.20. (Round to the nearest cent as needed.) (c) How much will Angelo owe after eighteen months? The amount owed after eighteen months is $ 5,964. (Round to the nearest cent as needed.) (d) How much interest will he pay in his 36th payment? The interest in the 36th payment is $28.30. (Round to the nearest cent as needed.) (e) How much of the principal will be repaid by the 48th payment? The amount of the principal repaid by the 48th payment is $ (Round to the nearest cent as needed.) C
Angelo Lemay borrowed $8000 from his credit union. He agreed to repay the loan by making equal monthly payments for five years. Interest is 9% compounded monthly. Complete parts (a) though (f). (a) What is the size of the monthly payments? The size of a monthly payment is $ 166.07. (Do not round until the final answer. Then round to the nearest cent as needed.) (b) How much will the loan cost him? The cost of the loan is $ 1964.20. (Round to the nearest cent as needed.) (c) How much will Angelo owe after eighteen months? The amount owed after eighteen months is $ 5,964. (Round to the nearest cent as needed.) (d) How much interest will he pay in his 36th payment? The interest in the 36th payment is $28.30. (Round to the nearest cent as needed.) (e) How much of the principal will be repaid by the 48th payment? The amount of the principal repaid by the 48th payment is $ (Round to the nearest cent as needed.) C
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 9FPE: Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five...
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Question B answer is 9964.2, not 1964.2. Please help me with question E.
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