Monday

April 21, 2014

April 21, 2014

Posted by **Diane** on Saturday, July 7, 2012 at 3:46pm.

3. How much will he pay throughout the life of the loan?

- Mat 117 -
**Henry**, Sunday, July 8, 2012 at 4:59pmP = Po(1+r)^n.

Po = $28,998.

r = (5.9%/360) / 100% = 0.00016389 = daily % rate expressed as a decimal.

n = 360Comp./yr * 5yrs = 1800 Compounding periods.

Plug the above values in the given Eq.

Answer: 38,789.99.

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