Homework Answers
rate positivley ..
| Ans 1 | |||||
| We have to use financial calculator to solve this | |||||
| put in calculator - | |||||
| PV | -22300 | ||||
| FV | 0 | ||||
| I | 10.8%/12 | 0.90% | |||
| N | 12*8 | 96 | |||
| Compute PMT | $347.90 | ||||
| Therefore answer = | $347.90 | ||||
| Ans 2 | |||||
| Total amount of interest = Total payment - Loan amount | |||||
| 347.9*12*8-22300 | |||||
| $11,098.10 | |||||
| Ans = | $11,098.10 | ||||
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