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