$MathMaster logo$

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 area of a square with a side length of 5 units?

+

Question: What are the coordinates (x, y) on the unit circle for an angle of π/4 radians?

+

Question: What is the derivative of ∫(0 to x) (2t^2 + 3t - 1) dt, according to the Fundamental Theorem of Calculus?

+

New questions in Mathematics

Solution to the equation y'' - y' - 6y = 0

Karina has a plot of 5,000 square meters in which she has decided that 60% of it will be used to plant vegetables. Of this part, 12% will be dedicated to planting lettuce. How much surface area of the plot will be used for cultivation?

What is the amount of interest of 75,000 at 3.45% per year, at the end of 12 years and 6 months?

Revenue Maximization: A company sells products at a price of $50 per unit. The demand function is p = 100 - q, where p is the price and q is the quantity sold. How many units should they sell to maximize revenue?

A book is between 400 and 450 pages. If we count them 2 at a time there is none left over, if we count them 5 at a time there is none left over and if we count them 7 at a time there are none left over, how many pages does the book have?

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.

what is the annual rate on $525 at 0.046% per day for 3 months?

The beta of a company is 1,41 and its cost of equity 18,95%. What is then the market risk premium if the risk free rate is 0,94%? (in %, 2 decimal places)

calculate the normal vector of line y = -0.75x + 3

Desarrolla (2x)(3y + 2x)5

Solve : 15/16 divide 12/8 =x/y

Nice's central library building is considered one of the most original in the world, as it is a mix between a sculpture and a work of habitable architecture. It was called La Tête Carrée and is made up of part of a bust that supports a cube divided into five floors. It is known that the building has a total height of approximately 30 meters. It admits that the cubic part of the sculpture is parallel to the floor and has a volume of 2744 meters3 Calculate, in meters, the height of the bust that supports the cube. Displays all the calculations you made.

A storage maker price is $2.50 per square feet. Find the price of a custom shed 4 yards long, and 5yards wide and 8 feet tall

A researcher is interested in voting preferences on change of the governing constitution in a certain country controlled by two main parties A and B. A questionnaire was developed and sent to a random sample of voters. The cross tabs are as follows Favour Neutral Oppose Membership: Party A 70 90 85 Party B 50 50 155 Test at α = 0.05 whether party membership and voting preference are associated and state the conditions required for chi-square test results to be valid.

A loan is repaid with payments of $2226 made at the end of each month for 12 years. If interest on the loan is 5.2%, compounded semi-annually, what is the initial value of the loan? Enter to the nearest cent (two decimals). Do not use $ signs or commas.

solid obtained by rotation around the axis x = -1, the region delimited by x^2 - x + y = 0 and the abscissa axis

2 - 6x = -16x + 28

Emile organizes a community dance to raise funds. In addition to paying $300 to rent the room, she must rent chairs at $2 each. The quantity of chairs rented will be equal to the number of tickets sold. She sells tickets for $7 each. How much should she sell to raise money?

Matilde knows that, when driving her car from her office to her apartment, she spends a normal time of x minutes. In the last week, you have noticed that when driving at 50 mph (miles per hour), you arrive home 4 minutes earlier than normal, and when driving at 40 mph, you arrive home 5 minutes earlier later than normal. If the distance between your office and your apartment is y miles, calculate x + y.