To consolidate his debts, Wynn takes out a $30,000 loan at 10.25% interest compounded annually....
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To consolidate his debts, Wynn takes out a $30,000 loan at 10.25% interest compounded annually. He agrees to make fixed payments of payments of $500 every month until it is paid off. Answer the following questions. For full marks your answer(s) should be rounded to the nearest cent. a) How long will it take to pay off the loan? Your answer should be rounded to the appropriate whole period. 0 years, 0 b) What is the amount of the final payment? c) What is the principal component of the final 5 payments? d) What is the interest component of the final 5 payments
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To consolidate his debts, Wynn takes out a $30,000 loan at 10.25% interest compounded annually. He agrees to make fixed payments of payments of $500 every month until it is paid off. Answer the following questions. For full marks your answer(s) should be rounded to the nearest cent. a) How long will it take to pay off the loan? Your answer should be rounded to the appropriate whole period. 0 years, 0 b) What is the amount of the final payment? c) What is the principal component of the final 5 payments? d) What is the interest component of the final 5 payments 