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)

Math question: Given a triangle with a side length of 10, an angle of 45 degrees, and opposite side 'x', find the value of x using trigonometry ratio formulas.

What is the maximum value of y = 3x^2 - 6x - 9 on the interval [-5, 5]?

Question: What is the period of the trigonometric function y = 3cos(4x) in radians?

New questions in Mathematics

Consider the relation R defined on the set of positive integers as (x,y) ∈ R if x divides y. Choose all the true statements. R is reflexive. R is symmetric. R is antisymmetric. R is transitive. R is a partial order. R is a total order. R is an equivalence relation.

³√12 x ⁶√96

4X^2 25

224 × (6÷8)

A job takes 9 workers 92 hours to finish. How many hours would it take 5 workers to complete the same job?

4x-3y=24 and 5x-2y=9 solve by elimination

4. Show that if n is any integer, then n^2 3n 5 is an odd integer

A force of 750 pounds compresses a spring 3 inches from its natural length, which is 15 inches. What will be the work done to compress it 3 inches more?

prove that if n odd integer then n^2+5 is even

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

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?

Raúl, Gilberto and Arturo are playing golf; The probabilities of winning for each one are as follows: (Raúl wins) = 20% (Gilberto wins) = 0.05% (Arturo wins) = ¾%. Perform operations and order events from least to most probable.

(2m+3)(4m+3)=0

If a|-7 and a|9, then a|-63

A bag has 4 green lollipops, 3 white lollipops, and 1 black lollipop. What is the probability of drawing a white lollipop?

Subjects are randomly assigned to one of three specialties for a 3-month rotation, and at the end of that rotation, they are given a test that measures moral development. The scores are listed below, where a high score represents high moral development and a low score represents low moral development. Orthopedics Pediatrics Oncology 77 63 54 84 93 97 66 97 76 44 76 65 59 45 91 40 88 68 28 74 54 M = 56.86 M = 76.57 M = 72.14 What is Nt?

Calculate the difference between 407 and 27

Total Users with an active Wise account = Total Active Users + Total Users who haven’t transacted Total Active Users = Total MCA Users + Total Send Users = Total New Users + Retained Users Total New Users = New Send Users + New MCA Users Total MCA Users = New MCA Users + Retained Users who transacted this month via MCA Total Send Users = New Send Users + Retained Users who transacted this month via Send Send CR = Total Send Users / Total Users with an active Wise account MCA CR = Total MCA Users / Total Users with an active Wise account New Send CR = New Send Users / New Profiles Created in Month New MCA CR = New MCA Users / New Profiles Created in Month We have recently witnessed a drop in MCA conversion, but send user conversion is stable, can you help explain why?

Calculate the pH of a solution obtained by mixing 100ml of 0.2M HCl with 100ml of 0.1M NaOH

Let A denote the set of all people who were alive in 2010. Let B denote the set of all real numbers. Let f assign, to each person in A, their weight during the year 2010. Is f a function? Explain in complete sentences.

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