Ok, this is a somewhat complicated first order equation but if you can help me out, it'll be a big help. A recent college graduate borrowed $100,000 at an interest rate of 9% to purchase a condominium. Anticipating steady salary increases, the buyer expects to make payments at a monthly rate of 800(1 + t/120), where t is the number of months since the loan was made. a.) Assuming that this payment schedule is maintained, when will the loan be fully paid? ANSWER = 135.36 months. b.) Assuming the same painment schedule how large can the loan be paid off in exactly 20 years? ANSWER = $152698.56. How do you get this?
2007-07-22
17:31:01
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1 answers
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asked by
Charlie4590
2