Project #80020 - Installment Loans

 

  1. u are offered an add-on loan for $4,500 at 18% for 5 years.

    • What is the monthly payment?

    • What is the amount of interest?

    • What is the true interest rate cost of this loan?

  1. If u could pay the same loan above at a compound rate:

    • What would the monthly payment be?

    • What would the amount of interest be?

  1. Prepare a monthly payment schedule for each loan above using Excel, and submit it.

  2. Suppose that u are only allowed to make a balloon payment to the principal of the compound interest loan. You have $1,000 to put down at the beginning of year three. How many payments will you save?

Subject Mathematics
Due By (Pacific Time) 08/25/2015 12:00 am
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