If the loan interest rate remains at i=5.2%/12 per month throughout the six years,
then amount owing after 4 years, or the future value
to the nearest cent
Monthly payment, A, required to repay the loan in two years (24 months)
to the nearest cent.
Answer: Jeffrey will have to repay $1623.03 monthly during the last two years of his loan to owe nothing at the end of the 6 years loan period.
then amount owing after 4 years, or the future value
Monthly payment, A, required to repay the loan in two years (24 months)
Answer: Jeffrey will have to repay $1623.03 monthly during the last two years of his loan to owe nothing at the end of the 6 years loan period.