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Author Question: The loan will have a term of 54 months and monthly payments of $385.13. The interest rate on the ... (Read 132 times)

ARLKQ

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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
Contemporary Business Mathematics with Canadian Applications ¦ Hummelbrunner, Halliday, Coombs ¦ 11th Edition
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Marked as best answer by ARLKQ on Jun 6, 2019

6ana001

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Reply #1 on: Jun 6, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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ARLKQ

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Reply 2 on: Jun 6, 2019
YES! Correct, THANKS for helping me on my review

bigsis44

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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