*** Blacked out part is 17,000. Please show steps using logs. Thank you.
Homework Answers
| Pv | Loan amount | $71,000 | ||||||||
| Rate | Annual interest Rate | 5.40% | ||||||||
| Pmt | Annual Payment | $17,000 | ||||||||
| NPER | Number of Years of payment | 4.85954913 | (Using NPER function of excel with Rate =5.4%, Pmt=17000, Pv=-71000) | |||||||
| (a) | Time needed to pay off loan (Years) | 4.85954913 | ||||||||
| (b) | Total amount of payment =Pmt*NPER | $82,612.34 | ||||||||
| .(c) | Total Interest Payment | $11,612.34 | (82612.34-71000) | |||||||
 |
||||||||||
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*** Blacked out part is 17,000. Please show steps using logs.
Thank you.
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Please show the steps to calculate
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Please provide the answer showing all steps.
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The correct answers are included in the screenshot.
X Instructor-created question Question is graded. Grade: 0 of 1 pt Submit Grade Question Help A sailboat costs $21,455. You pay 15% down and amortize the rest with equal monthly payments over a 8-year period. If you must pay 6.9% compounded monthly, what is your monthly payment? How much interest will you pay? Monthly payments: $ 247.73 (Round to two...
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