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?

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
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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