Felipe borrowed money from a bank to invest in rare coins. He took out a personal, amortized loan for $23,000, at an interest rate of 7.7%, with monthly payments for a term of 1 year. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Felipe's monthly payment. (b) If Felipe pays the monthly payment each month for the full term, find his total amount to repay the loan. (c) If Felipe pays the monthly payment each month for the full term, find the total amount of interest he will pay.
Felipe borrowed money from a bank to invest in rare coins. He took out a personal, amortized loan for $23,000, at an interest rate of 7.7%, with monthly payments for a term of 1 year. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Felipe's monthly payment. (b) If Felipe pays the monthly payment each month for the full term, find his total amount to repay the loan. (c) If Felipe pays the monthly payment each month for the full term, find the total amount of interest he will pay.
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...
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