A person has taken a loan for 30,000 dollars at 5% interest per year compounded daily....
A person has taken a loan for 30,000 dollars at 5% interest per year compounded daily.
a) Make an equation showing how much the person pays per month & day.
b) How much should the person pay per month to pay off the loan in 10, 20 and 30 years? How much interest does that person pay for 10, 20 and 30 years?
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A person has taken a loan for 30,000 dollars at 5% interest per
year compounded daily....
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You have just taken out a $18,000 car loan with a 5% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment will go toward the principal of the loan and will...
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