Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. in order to buy a car, you borrow $19500 from a fr

In order to buy a car, you borrow $19500 from a friend at 6%/year compounded monthly...

50.1K

Verified Solution

Question

Finance

In order to buy a car, you borrow $19500 from a friendat 6%/year compounded monthly for 4 years. You plan to repay theloan with 48 equal monthly payments.

a. How much are the monthly payments?

b. How much interest in in the 23rdpayment?

c. What is the remaining balance after the37th payment?

Answer & Explanation Solved by verified expert
3.6 Ratings (501 Votes)
aHence Monthly    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

In order to buy a car, you borrow $19500 from a friendat 6%/year compounded monthly for 4 years. You plan to repay theloan with 48 equal monthly payments.a. How much are the monthly payments?b. How much interest in in the 23rdpayment?c. What is the remaining balance after the37th payment?

Other questions asked by students

Q

Outline the effects and possible causes and treatments for hypothyroidism and hyperthyroidism. How/where is TH (thyroxine) produced,...

Medical Sciences
Q

what are advantages and diadvantages of eddy current?

Physics
Q

Discuss a minimum of two complex systems that you have encountered in your profession. Define why...

Mechanical Engineering
Q

Ball Collision. A ball with a mass of 0.600 kg is initially at rest. It is...

Physics
Q

Say you’re an electrical engineer designing an electromechanical subassembly for use in a larger aircraft system....

Statistics
Q

Corporate Finance, BOOK: Principles of Corporate Finance, Richard Brealey 12 A six-month Treasury bill and a nine-month...

Accounting
Q

Two particles A and B of de Broglie wavelength X and ar in motion in...

Physics
Q

1 In the diagram ACAT ADOG Find the value of c T x 18 24...

Geometry
Q

Researchers conducted trials to investigate the effects of color on creativity Subjects with a red...

Statistics
Q

Direct Labor Variances Bellingham Company produces a product that requires 8 standard hours per unit...

Accounting
Q

PLEASE ANSWER ALL REQUIRED PARTS The chegg expert asked me to contact him at...

Accounting
Q

Portfolio return and beta Personal Finance Problem Jamie Peters invested 5123,000 to set up the...

Finance