Thursday

October 23, 2014

October 23, 2014

Posted by **Johjoh** on Monday, August 13, 2012 at 6:52pm.

1.What is the monthly payment for this loan?

2.Show the formula that you used and the values used for each variable to calculate the monthly payment.

3.What is the unpaid balance of the loan at the end of the 1st year?

4.Show the formula that you used and the values used for each variable to calculate the unpaid balance at the end of the 1st year.

5.What is the unpaid balance at the end of the 6th year? Show the formula that you used and the values used for each variable to calculate the unpaid balance at the end of the 6th year.

- CTU -
**Henry**, Tuesday, August 14, 2012 at 10:35pmP = (Po*r*t)/(1-(1+r)^-t).

r = (9%/12)/100% = 0.0075 = Monthly %

rate expressed as a decimal.

t = 7yrs * 12mo/yr = 84 Months.

1. P=(50000*0.0075*84)/(1-(1.0075)^-84)=

$67,574.13.

M.P. = p / t = Monthly Payment.

2. Shown above.

3.

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