Author Question: The loan will have a term of 54 months and monthly payments of $385.13. The interest rate on the ... (Read 43 times)

ARLKQ · **on:** Jun 6, 2019

Question 1

A mortgage requires payments of $1000.00 at the end of every month for twenty-five years. If interest is 6% compounded semi-annually, calculate the principal of the loan.
◦ $33 328.64
◦ $156 297.23
◦ $155 206.86
◦ $300 000.00
◦ $46 188.41

Question 2

The loan will have a term of 54 months and monthly payments of $385.13. The interest rate on the loan is 8.84% compounded quarterly. What is the amount of money that was borrowed?
◦ $20 368.27
◦ $17 310.71
◦ $17 430.71
◦ $17 030.71
◦ $17 130.71

6ana001 · **Reply #1 on:** Jun 6, 2019

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