Monica wants to consolidate several loans she has into a single three-year loan for $150,000 that charges interest at 7.9% compounded monthly. 1. What is her payment amount at the end of every month? 2. If she wants to pay $4,100 instead at the end of each month what would be the new duration of this loan? How many years and months?
Monica wants to consolidate several loans she has into a single three-year loan for $150,000 that charges interest at 7.9% compounded monthly. 1. What is her payment amount at the end of every month? 2. If she wants to pay $4,100 instead at the end of each month what would be the new duration of this loan? How many years and months?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 19PROB
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Monica wants to consolidate several loans she has into a single three-year loan for $150,000 that charges interest at 7.9% compounded monthly. 1. What is her payment amount at the end of every month? 2. If she wants to pay $4,100 instead at the end of each month what would be the new duration of this loan? How many years and months? |
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