$MathMaster logo$

MathMaster

Home
general
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.

$Expert avatar$

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 radian measure of an angle that completes exactly 3 full rotations?

+

What is the square root of 82?

+

Convert 150 degrees to radians?

+

New questions in Mathematics

calculate the derivative by the limit definition: f(x) = 6x^3 + 2

How many percent is one second out a 24 hour?

Find the equation of the normal to the curve y=x²+4x-3 at point(1,2)

Write 32/25 as a percent

If f(x) = 3x 2, what is the value of x so that f(x) = 11?

-3x 2y = -6; -5x 10y = 30

Solve this mathematical problem if 3/5 of a roll of tape measures 2m. How long is the complete roll?

If 0101, what is the binary representation of the 4x16 decoder output?

Find the minimum value of the function y = -4 x3 + 60 x2 -252 x + 8 for values of x between x = 0 and x = 9 Enter the value of the function, not the value of x

If the mean of the following numbers is 17, find the c value. Produce an algebraic solution. Guess and check is unacceptable. 12, 18, 21, c, 13

a coffee shop has 9 types of creamer and 11 types of sweetener. In how any ways can a person make their coffee?

Today a father deposits $12,500 in a bank that pays 8% annual interest. Additionally, make annual contributions due of $2,000 annually for 3 years. The fund is for your son to receive an annuity and pay for his studies for 5 years. If the child starts college after 4 years, how much is the value of the annuity? solve how well it is for an exam

Find the symmetric point to a point P = (2,-7,10) with respect to a plane containing a point Po = (3, 2, 2) and perpendicular to a vector u = [1, -3, 2].

A grain silo has a height of 8.8m with a 11.4m diameter. If it is filled 0.5% of it's volume, how much grain (m^3) is stored in the silo? (0 decimal places)

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?

Solve the system of equations by the addition method. 0.01x-0.08y=-0.1 0.2x+0.6y=0.2

Find the rule that connects the first number to the second number of each pair. Apply the rule to find the missing number in the third pair. (18 is to 22) (54 is to 26) (9 is to ?)