How much interest will be paid in the 8th month if you borrow $20,000 at a...

How much interest will be paid in the 8th month if you borrow $20,000 at a rate of 6%, compounded monthly, and pay it off over 6 years?

a. 89.04

b. 91.78

c. 237.30

d. 339.69

Expert Solution

jeff jeffy answered 1 year ago

How much interest will be paid in the 7th month if you borrow $20,000 at a...

How much interest will be paid in the 7th month if you borrow $20,000 at a rate of 6%, compounded monthly, and pay it off over 6 years? $89.04 $92.97 $237.30 $329.81

3) How much interest will be paid in the 8th month if you borrow $20 000...

3) How much interest will be paid in the 8th month if you borrow $20 000 at a rate of 6% compounded monthly, and pay it off over 6 years? a) 237.30 b) 91.78 c) 339.69 d) 89.04

you borrow $2,000 to buy a new car at 12% interest how much are you monthly...

you borrow $2,000 to buy a new car at 12% interest how much are you monthly payments if you plan to pay the auto in three years

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.

assume you borrow $ 15000 for 42 monthsat 10.5% interest, a. how much will still owe...

assume you borrow $ 15000 for 42 monthsat 10.5% interest, a. how much will still owe after the 17th payment? b. how much are your monthly payments? c. how much will you have pain in interest by the 17th payment?

If you borrow $20,000, you have to repay in equal instalments over four years. Interest Rate...

If you borrow $20,000, you have to repay in equal instalments over four years. Interest Rate is 9%. What is the interest payment in the fourth year, 14. a) 1499 b)1171 c)510 d)977 e)1406 f)814

How much interest is included in the accumulated value of $82.64 paid at the end of...

How much interest is included in the accumulated value of $82.64 paid at the end of each month for four years if interest is 6.5% compounded monthly?

A bank lends you $20,000 at an interest rate of 0.5% per month for 24 months....

A bank lends you $20,000 at an interest rate of 0.5% per month for 24 months. You repay the loan in equal payments of $P each month. Give the formulae for the following quantities (i) the loan balance Am+1 after m + 1 months in terms of the loan balance Am after m months and the data. (ii) the monthly payment $P. (iii) What is the maximum interest expense that you will pay in any month? (iv) Do you expect...

you deposit 400$ each month into an account earning 2% interest compounded monthly. a) how much...

you deposit 400$ each month into an account earning 2% interest compounded monthly. a) how much will you have in the account in 35 years? b) how much money will you put into the account? c) how much total interest will you earn?

Todd is able to pay $220 a month for five years for a car. If the interest rate is 3.9 percent, how much can Todd afford to borrow to buy a car?

Todd is able to pay $220 a month for five years for a car. If the interest rate is 3.9 percent, how much can Todd afford to borrow to buy a car?a $5,072.93b. $8,499.13c. $11,975.12d. $12,211.34e. $982.16

Question