Thursday

October 2, 2014

October 2, 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.

**Answer this Question**

**Related Questions**

business - You find that a small business loan in the amount of 50,000 is the ...

Math for Professionals - You find that a small business loan in the amount of 50...

algebra - 50,000 is the amount of a loan needed to purchase a restaurant ...

algebra - 50,000 is the amount you need to purchase the restaurant location. ...

Math 141 - You find that a small business loan in the amount of 50,000 is the ...

Algebra - You find that a small business loan in the amount of 50,000 is the ...

Algebra - You find that a small business loan in the amount of 50,000 is the ...

ALGEBRA - Part III: Mathematics of Finance You have just graduated from college ...

math - You have just graduated from college and landed your first big job. You ...

Algebra - You have just graduated from college and landed your first big job. ...