Angelo Lemay borrowed $8000 from his credit union. He agreed to repay the loan by making equal monthly payments for five years. Interest is 9% compounded monthly. Complete parts (a) though (f). (a) What is the size of the monthly payments? The size of a monthly payment is $ 166.07. (Do not round until the final answer. Then round to the nearest cent as needed.) (b) How much will the loan cost him? The cost of the loan is $ 1964.20. (Round to the nearest cent as needed.) (c) How much will Angelo owe after eighteen months? The amount owed after eighteen months is $. (Round to the nearest cent as needed.)

Angelo Lemay borrowed $8000 from his credit union. He agreed to repay the loan by making equal monthly payments for five years. Interest is 9% compounded monthly. Complete parts (a) though (f). (a) What is the size of the monthly payments? The size of a monthly payment is $ 166.07. (Do not round until the final answer. Then round to the nearest cent as needed.) (b) How much will the loan cost him? The cost of the loan is $ 1964.20. (Round to the nearest cent as needed.) (c) How much will Angelo owe after eighteen months? The amount owed after eighteen months is $. (Round to the nearest cent as needed.)

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 23PROB

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