u are considering taking out a loan of $20,000 that would be paid back over seven years with monthly payments of 289.30. If the interest rate is 5.7% compounded monthly what would the unpaid balance be immediately after the 39th payment? What is the equity after the 39th p

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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You are considering taking out a loan of $20,000 that would be paid back over seven years with monthly payments of 289.30. If the interest rate is 5.7% compounded monthly what would the unpaid balance be immediately after the 39th payment? What is the equity after the 39th payment?
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