MathMaster logo

MathMaster

  1. Home
  2. general
  3. 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
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.

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)
What is the simplified form of √(27+8√5) + √(27-8√5)?
+
What is the resulting displacement when a vector of magnitude 5 units in the east direction is added to a vector of magnitude 3 units in the west direction?
+
What is the limit of (x^2 + 5x + 6) / (x + 3) as x approaches -3?
+
New questions in Mathematics
Eight acts are scheduled to perform in a variety show how many different ways are there to schedule their appearances show your work
The function g:Q→Q is a ring homomorphism such that g(3)=3 and g(5)=5. What are the values of g(8) and g(9)?
Identify a pattern in the list of numbers.Then use this pattern to find the next number. 37,31,25,19,13
calculate the normal vector of line y = -0.75x + 3
Desarrolla (2x)(3y + 2x)5
(5y 9)-(y 7)
find f(x) for f'(x)=3x+7
User Before the election, a poll of 60 voters found the proportion who support the Green candidate to be 25%. Calculate the 90% confidence interval for the population parameter. (Give your answers as a PERCENTAGE rounded to TWO DECIMAL PLACES: exclude any trailing zeros and DO NOT INSERT THE % SIGN) Give the lower limit of the 90% confidence interval Give the upper limit of the 90% confidence interval
A box of numbered pens has 12 red, 12 blue, 12 green and 12 yellow pens. The pens for each colour are numbered from 1 to 12. There is a unique number on each pen, so no pen is exactly the same as any other pen in the box. When reaching into the box to randomly draw five pens without replacement, what is the proportion of getting exactly four pens of the same colour (Note: the numbers matter but the order does not)?
John he’s going to the carnival with his friends. He spends $25 on an admission ticket. He buys 10 games at X dollars each and two boxes of popcorn at Y dollars each. Write an expression to show the total cost of admission game, tickets and popcorn.
Quadratic equation 2X = 15/X + 7
A company made 150,000 in the first year 145,000 in the second 140,000 in the third year successively during the first decade of this company's existence it made a total of
Sections of steel tube having an inside diameter of 9 inches, are filled with concrete to support the main floor girder in a building. If these posts are 12 feet long and there are 18 of them, how many cubic yards of concrete are required for the job?
In poker, a full house consists of five cards, where two of the cards have the same number (or letter) and the remaining three also have the same number (or letter) as each other (but not as the previous two cards). Use a search engine or Wikipedia to understand the concept better if necessary. In how many different ways can one obtain a full house?
A person runs 175 yards per minute write a variable that represents the relationship between time and distance
How do you convert a fraction to a decimal
if y=1/w^2 yw=2-x; find dy/dx
Marc, Jean and Michelle have traveled a lot. Marc drove twice as much as Jean, but it was Michelle who drove the most with 100km more than Marc. They respected their objective of not exceeding 1350km of distance. How far did John drive?
How many digits are there in Hindu-Arabic form of numeral 26 × 1011
Dano forgot his computer password. The password was four characters long. Dano remembered only three characters: 3, g, N. The last character was one of the numbers 3, 5, 7, 9. How many possible expansions are there for Dano's password?

You might be interested in