QUESTION 3 Three years ago, Pete took out a loan of $55,000. The loan was taken out for 10 years with an interest rate of 6% and Pete has been making regular monthly payments of $611. What is the remaining balance (to the nearest dollar) on Pete's loan?
QUESTION 3 Three years ago, Pete took out a loan of $55,000. The loan was taken out for 10 years with an interest rate of 6% and Pete has been making regular monthly payments of $611. What is the remaining balance (to the nearest dollar) on Pete's loan?
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter13: Sequences And Series
Section13.4: Mathematics Of Finance
Problem 16E
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