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?

## 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 ...
- MATH - Dave takes out a 24-year mortgage of 210,000 dollars for his new house. ...
- Maths - Dave takes out a 27-year mortgage of 200000 dollars for his new house. ...
- Finance - Dave takes out a 30-year mortgage of 200000 dollars for his new house...
- Math - A mortgage of 200 000 is required to purchase a house. The mortgage will ...
- Math - The monthly loan payment was calculated at 119 payments of $348.33 plus a...
- Math - You need to borrow $20,000 to buy a car. You can only afford to make ...

More Related Questions