
Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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Compute the monthly payments for an add on interest loan of $2900 with an annual interest rate of 8% and a term of 4 years.
the monthly payment is what
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- Joe secured a loan of $10,000 three years ago from a bank for use toward his college expenses. The bank charges interest at the rate of 3%/year compounded monthly on his loan. Now that he has graduated from college, Joe wishes to repay the loan by amortizing it through monthly payments over 13 years at the same interest rate. Find the size of the monthly payments he will be required to make.arrow_forwardCompute the monthly payments for the add on interest loan. The amount of the loan is $9,011.28. The annual interest rate is 4.4%. The term of the loan is 0.5 years.arrow_forwardLinda and Casey have a $126 000 mortgage at 5.15% per year on their two-bedroom house. Determine thesemi-monthly payment on a mortgage amortized over 15 years.arrow_forward
- Calculate the amount of simple interest you would pay on a loan of $20,000 at a rate of 5.6% per annum for three yearsarrow_forwardDetermine the annual simple interest rate on aspecial account that earned $36 interest in oneyear on an original deposit of $1,500. Assumethat there were no other deposits or withdrawalsfrom the account during the year.arrow_forwardYou have just borrowed 130,000, and you agree to pay it back over the next 30 years in 30 equal end-of-year payments plus 8 percent compound interest on the unpaid balance. What will be the size of these payments?arrow_forward
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