Suppose you borrow $11,000 at an annual interest rate of 7% compounded monthly over 36 months....

Suppose you borrow $11,000 at an annual interest rate of 7% compounded monthly over 36 months. At the end of the first year, after 12 payments, you want to pay off the remaining balance in 8 equal MONTHLY installments. If the interest rate and the compounding frequency remain the same, how much is each of the 8 payments.

Solutions

Expert Solution

Rahul Sunny answered 1 week ago

Next > < Previous

Related Solutions

You will deposit $9000 into an account with an annual interest rate of 7% compounded monthly,...

You will deposit $9000 into an account with an annual interest rate of 7% compounded monthly, leave the account untouched for 18 years, and then withdraw equal amounts at the end of each month for the following 9 years, ending with a balance of $9000. What will your monthly withdrawals be?

The annual interest rate on a credit card is 18% with interest compounded monthly. If a...

The annual interest rate on a credit card is 18% with interest compounded monthly. If a payment of $100 is made at the end of each month, how many months will it take to pay off an unpaid balance of $2,583.56 (assuming no additional purchases are made)?

Suppose that $6,100 is invested at 4.3% annual interest rate, compounded monthly. How much money will...

Suppose that $6,100 is invested at 4.3% annual interest rate, compounded monthly. How much money will be in the account in (A) 11 months? (B) 9 years? (A) Amount after 11 months: $ (Round to the nearest cent)

You owe $22,000 on student loans at an annual interest rate of 4.55% compounded monthly. You...

You owe $22,000 on student loans at an annual interest rate of 4.55% compounded monthly. You want to pay off the loan in 14 years. What will your monthly payments be? $ How much interest do you pay? $

If you borrow $26,000 with monthly payments of $550 over 5 years, what annual rate are...

If you borrow $26,000 with monthly payments of $550 over 5 years, what annual rate are you paying? A. 8.18% B. 8.41% C. 9.81% D. 8.51%

You borrow $10,000 today to be repaid over 60 months. What is the monthly payment if...

You borrow $10,000 today to be repaid over 60 months. What is the monthly payment if the interest rate is 2% per month? A. $88 B. $288 C. $305 D. $1003

You put $5,000 into an account that pays 3% annual interest. Interest is compounded monthly. You...

You put $5,000 into an account that pays 3% annual interest. Interest is compounded monthly. You keep this money in the account for 10 years. How much money will you have? $750 $6,746 $5.750 $6,720 $8,144 Ali buys his wife a valuable piece of jewelry (diamond necklace) for $30,000. He purchases it using $25,000 from his savings account and a $5,000 loan. How does this purchase affect Ali's personal balance sheet? Choose the most correct answer. a. His assets increase....

Compute the nominal annual rate of interest (compounded monthly) at which $250.00 deposited at the end...

Compute the nominal annual rate of interest (compounded monthly) at which $250.00 deposited at the end of each month for ten years will amount to $30 000.00.

You borrow $2000 at 4% annual interest compounded quarterly, to be paid off with equal quarterly...

You borrow $2000 at 4% annual interest compounded quarterly, to be paid off with equal quarterly payments. Your first payment will be one year from now, and your last payment will be nine years from now. What will your payments be?

If you borrow $20,000 and pay it off in 7 years with monthly compounding at 3% annual interest, the payment will be $264.27 per month.

Use Matlab If you borrow $20,000 and pay it off in 7 years with monthly compounding at 3% annual interest, the payment will be $264.27 per month.

Subjects