You are considering taking out a loan of $14,000.00 that will be paid back over 8 years with monthly payments of $171.30. If the interest rate is 4.1% compounded monthly, what would the unpaid balance be immediately after the fourteenth payment? What is the equity after the fourteenth payment? The unpaid balance would be $ (Round to 2 decimal places.) The equity would be $ (Round to 2 decimal places.)

You are considering taking out a loan of $14,000.00 that will be paid back over 8 years with monthly payments of $171.30. If the interest rate is 4.1% compounded monthly, what would the unpaid balance be immediately after the fourteenth payment? What is the equity after the fourteenth payment? The unpaid balance would be $ (Round to 2 decimal places.) The equity would be $ (Round to 2 decimal places.)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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