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: Flex 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

Statistics
1.2K views

A NASDAQ C FTSE International O A and C After the terrorist attack in New...

Geometry
1.2K views

Write an equation for the function graphed below Use y for your output variable 44...

Statistics
1.2K views

Assume that a sample is used to estimate a population mean μμ. Find the 99.5% confidence...

Psychology
1.2K views

Reading Analysis Jesus taught people in parables or short stories. The story elements related to peoples’ lives...

Electrical Engineering
1.2K views

Design a 4 bit Counter that displays even numbers when a switch on, and odd when...

Calculus
1.2K views

Find the indicated derivatives of the following functions. No need to simplify.a. Find f'(x) where...

Accounting
1.2K views

Indicate whether the statement is true or false, and justify your answer. Japan's...

Accounting
1.2K views

The accountant for Mandarin Company is preparing the company's statement of cash flows for the...

Accounting
1.2K views

Accounting
1.2K views

Section 736(a) retirement payments to a retired partner for past services rendered to the partnership...

Accounting
1.2K views

please make sure none of the numbers are cut off when posting your answer. Thank...

Accounting
1.2K views

Which of the following is a type of collaborative technology that can help people work...