Posted by **sasha** on Friday, November 2, 2012 at 1:11pm.

A $8700 personal loan at 5.5% compounded monthly is to be repaid over a 4 year term by equal monthly payments.

a) calculate the interest and principle component of the 18th payment

b) how much interest will be paid in the third year of the loan?

## Answer This Question

## Related Questions

- college math - A $8700 personal loan at 5.5% compounded monthly is to be repaid ...
- math - The Sandersons are planning to refinance their home. The outstanding ...
- math - The Sandersons are planning to refinance their home. The outstanding ...
- Finite Math - The Sandersons are planning to refinance their home. The ...
- Finance - Dave takes out a 30-year mortgage of 200000 dollars for his new house...
- Math - The monthly loan payment was calculated at 119 payments of $348.33 plus a...
- college math - a math student borrowed $9300.00 from his local bank at 7% ...
- econ - You borrow $20,000 from a bank to be repaid in monthly installments for 3...
- Math - 4. Vanna has just financed the purchase of a home for $200 000. She ...
- mathematics - The monthly loan payment was calculated at 119 payments of $330.38...

More Related Questions