A debt of $6,500.00 is repaid in equal monthly installments over 4 years. The interest rate...

A debt of $6,500.00 is repaid in equal monthly installments over 4 years. The interest rate is 9% and compounded monthly.

a. What is the size of the monthly payment?

b. What will be the total cost of borrowing?

c. What is the outstanding balance after 1 years?

d. How much is the 30th payment is interest?

P.S. i need a detailed answer please.

Expert Solution

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ekkarill92 answered 2 years ago

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