How much interest person will have paid during first year, Mathematics

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How much interest person will have paid during first year

The person is going to pay off the loan of $20,000 over five years in equal monthly payments. Interest rate is 9% per year compounded monthly.

(i) how much will every payment be?
(i) what will the total payments over 1st year?
(iii) how much of original loan will still be owed at end of 1st year?
(iv) How much interest will person have paid during 1st year?

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Mathematics: How much interest person will have paid during first year

Reference No:- TGS0855768

Have a Question? (oR Write a Review)

Recent Questions Asked Mathematics

Q : Discuss what will be the composition of the vapor stream

Q : Determine the angular acceleration of the disk

Q : Find out the period and the wavelength of the wave

Q : When a liquid and vapor stream separated

Q : How much interest person will have paid during first year

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Request for Solution File

Ask an Expert for Answer!!

Mathematics: How much interest person will have paid during first year

Reference No:- TGS0855768

Recent Questions Asked Mathematics

Q : Discuss what will be the composition of the vapor stream

Q : Determine the angular acceleration of the disk

Q : Find out the period and the wavelength of the wave

Q : When a liquid and vapor stream separated

Q : How much interest person will have paid during first year

Q : Angular displacement of all wheels

Q : What was the original mass of caco3 in the piece of chalk

Q : Determine the numbers of collisions per second

Q : Calculate the numbers of photons must be absorbed

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