Homework Help: college math

Posted by sasha on Saturday, November 3, 2012 at 1:46pm.

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?

No one has answered this question yet.

Answer this Question

Related Questions

college math - A $8700 personal loan at 5.5% compounded monthly is to be repaid ...
college math - a math student borrowed $9300.00 from his local bank at 7% ...
Math - The monthly payments on an 8-year loan compounded monthly at 4.75% are $...
Seneca - Henrietta went to a bank and obtained a personal loan with an interest ...
math - A couple purchasing a home budget $1700 per month for their loan payment...
math plz help me - A couple purchasing a home budget $1700 per month for their ...
Math - 4. Vanna has just financed the purchase of a home for $200 000. She ...
math formulas - 4. Vanna has just financed the purchase of a home for $200 000. ...
personal finance - what is the monthly payment on a 69,000 loan with a 12% ...
Geometric Prorgession - A bank loan of $500 is arranged to be repaid in two ...

For Further Reading

First Name:
School Subject:
Answer: