Dr. K, a simple, self-made teacher wants to borrow money from a bearded guy to buy...

Dr. K, a simple, self-made teacher wants to borrow money from a bearded guy to buy his son a car. It is a 4 year loan with monthly payments, at the 9% nominal rate. Dr. K’s son is an uncaring useless kid, and forces his father to borrow $25,000. What will be the balance due, after 24-months (halfway through the four years)?

please explain all steps and show equations used. thank you

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jeff jeffy answered 1 year ago

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