2. A person obtains a loan for $85,000 to be paid in 3 years, with an annual interest rate of 24% capitalized every two months. Prepare the amortization table.

Name: Solved: 2. A person obtains a loan for $85,000 to be paid in 3 years, with an annual interest rate of 24% capitalized every two months. Prepare the amortization table. - MathMaster
Brand: MathMaster
Rating: 4.9 (254 reviews)

254

likes

1269 views

Answer to a math question 2. A person obtains a loan for $85,000 to be paid in 3 years, with an annual interest rate of 24% capitalized every two months. Prepare the amortization table.

$Expert avatar$

Neal

4.5

105 Answers

i = \frac{0.24}{6} = 0.04

n = 3 \times 6 = 18

PMT = \frac{85000 \cdot 0.04}{1 - (1 + 0.04)^{-18}}

PMT = \frac{3400}{1 - (1.04)^{-18}}

PMT = \frac{3400}{1 - 0.512562}

PMT = \frac{3400}{0.487438}

PMT \approx 6974.91

\text{Answer: } 6974.91

Frequently asked questions (FAQs)

Math question: Find the absolute maximum and minimum values of the function f(x) = x^2 - 4x + 5 on the interval [0, 3].

Math Question: Find the x-coordinate(s) of the vertical asymptote(s) of the reciprocal function f(x) = 1/x.

Question: What is the measure of the third interior angle in a triangle with two congruent angles measuring 45 degrees each?

New questions in Mathematics

Use the digits of 1,9,2,3 to come up with all the numbers 98 and 95

³√12 x ⁶√96

2x-y=5 x-y=4

Suppose that a device has been created that launches objects at ground level and that its operation is modeled by the function h(x) = -4×² + 256x, with h being the height (in meters) and x being the distance (in meters) What is the maximum height that the object reaches?

Suppose 50% of the doctors and hospital are surgeons if a sample of 576 doctors is selected what is the probability that the sample proportion of surgeons will be greater than 55% round your answer to four decimal places

Answer the following questions regarding the expression below. 0.1 (a) Write the number as a fraction.

In a grocery store, when you take out 3 peppers and 4 carrots, there are 26 peppers and 46 carrots left. How many peppers and carrots were there initially?

A recurring sequence is one where elements repeat after completing one standard. If the sequence AB8C14D96AB8C1... is recurring its twentieth term is equal to: (A) B. (B) 8. (C) A. (D) 6. (E) D.

Engineers want to design seats in commercial aircraft so that they are wide enough to fit 95% of all males. (Accommodating 100% of males would require very wide seats that would be much too expensive.) Men have hip breadths that are normally distributed with a mean of 14.4 in. and a standard deviation of 1.2 in. Find P95. That is, find the hip breadth for men that separates the smallest 95% from the largest 5%.

The simple average of 15 , 30 , 40 , and 45 is

4+168×10³×d1+36×10³×d2=-12 -10+36×10³×d1+72×10³×d2=0

X~N(2.6,1.44). find the P(X<3.1)

Jasminder has made 55% of the recipes in a particular cookbook. If there are 9 recipes that he has never made, how many recipes does the cookbook contain?

For what values of m is point P (m, 1 - 2m) in the 2⁰ quadrant?

find missing measure for triangle area = 48 m square base = 10m heaighy = ? m

How to factorise 5y^2 -7y -52

2 - 6x = -16x + 28

calculate the product of 4 and 1/8

9n + 7(-8 + 4k) use k=2 and n=3

(3.1x10^3g^2)/(4.56x10^2g)

2. A person obtains a loan for $85,000 to be paid in 3 years, with an annual interest rate of 24% capitalized every two months. Prepare the amortization table.

Answer to a math question 2. A person obtains a loan for $85,000 to be paid in 3 years, with an annual interest rate of 24% capitalized every two months. Prepare the amortization table.

You might be interested in