Balance Annual Rate Monthly Rate Minimum Percentage Minimum $ 14,000.00 13.00% Payment Additional $ 2.50% $40.00 Calculate additional monthly payment required to pay off balance in 7 years.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Balance $ 14,000.00
Annual Rate
13.00%
Monthly
Rate
Minimum
Percentage
Minimum
Payment
Additional $
с
Month
2.50%
$40.00
D
E
F
G
Calculate additional monthly payment required to pay off balance in 7 years.
Minimum
Total
Payment Payment Interest Principal Balance
H
I
J
K
Transcribed Image Text:1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 A B Balance $ 14,000.00 Annual Rate 13.00% Monthly Rate Minimum Percentage Minimum Payment Additional $ с Month 2.50% $40.00 D E F G Calculate additional monthly payment required to pay off balance in 7 years. Minimum Total Payment Payment Interest Principal Balance H I J K
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