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The three little pigs received a loan for $9000 at an effective annual interest rate of...

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Finance

The three little pigs received a loan for $9000 at aneffective annual interest rate of 4% from BBW Bank to makerepairs on their brick house. They will repay the loan, startingone year after the loan was disbursed, by making annual paymentsequal to 6 times the amount of interest due until they can make afinal payment of no more than $475. Determine howmany payments they will make and the amount of the finalpayment.

(a) The three little pigs will make____________payments.

(b) The final payment will be for$______________.

Please give correct answers!

Answer & Explanation Solved by verified expert
4.0 Ratings (581 Votes)
a The three little pigs will make 8 paymentsb The final payment will be for 45298The payments    See Answer
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Transcribed Image Text

The three little pigs received a loan for $9000 at aneffective annual interest rate of 4% from BBW Bank to makerepairs on their brick house. They will repay the loan, startingone year after the loan was disbursed, by making annual paymentsequal to 6 times the amount of interest due until they can make afinal payment of no more than $475. Determine howmany payments they will make and the amount of the finalpayment.(a) The three little pigs will make____________payments.(b) The final payment will be for$______________.Please give correct answers!

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