Posted by **Clara** on Monday, November 14, 2011 at 6:45pm.

Suppose you borrow $12,000, which you must pay back in 30 equal monthly payments, each of which includes a .8% interest charge on the unpaid balance.

a) How much will you need to pay each month?

b) How much money did the bank make on this deal?

## Answer this Question

## Related Questions

- Computer science - Paying Off Credit Card Debt Each month, a credit card ...
- computer programming - Paying Off Credit Card Debt Each month, a credit card ...
- Mathematics - I really need help with these three questions. Thank You. 1. ...
- computer programming - Paying Off Credit Card Debt Each month, a credit card ...
- Mathematics and investment - 1. Angelo wants to renovate his house in 3 years. ...
- Math - if the interest rate on a home mortgage is 9%, then each month you pay 0....
- Math - I need help calculating the finance charge and new balance using the ...
- 5 - 5. Assume you borrow $5,000 today and pay back the loan in one lump sum four...
- math - Susan Borrowed $5000. The term of the loan is 12% compouned monthly for 3...
- finance - You borrow $149,000 to buy a house. The mortgage rate is 7.5 percent ...

More Related Questions