Question

today, boyd crowder signed loan papers agreeing to borrow $4,523.31 at 9 percent compounded monthly. the first monthly loan payment of $143.84 is due one month from today. how many loan payments must boyd make before the loan is paid in full?

Answer 1

Loan payments must be made before the loan is paid in full $5178.24.

Loan Payment means the amount payable by the Borrower to repay a Loan under the terms of the Loan Agreement, Debenture, and Bond Mortgage.

There are three payment methods for a mortgage: equal installments, equal installments, and fixed equal installments. The repayment method depends on a variety of conditions, such as whether you want to pay the same amount each month or whether you want to pay it back within a certain period of time.

Using EMI formula:-

P×R × (1 + r )^n ÷ (1 + r )^n -1

we find number = 36 month.

Hence, total Loan paymeny

36x 143.84 =

$5178.24

Learn more about payments here:-brainly.com/question/2151013

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