In order to buy a car, you borrow $19500 from a friend at 6%/year compounded monthly...

In order to buy a car, you borrow $19500 from a friend at 6%/year compounded monthly for 4 years. You plan to repay the loan with 48 equal monthly payments.

a. How much are the monthly payments?

b. How much interest in in the 23^rd payment?

c. What is the remaining balance after the 37^th payment?

Solutions

Expert Solution

Hence, Monthly payment is $457.96

Hence, Interest in 23rd payment is $55.70

jeff jeffy answered 5 months ago

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