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ratelena [41]
3 years ago
11

You have graduated from college but unfortunately have $39,000 in outstanding loans. The loans require payments of $3,435 per ye

ar, which covers interest and principal repayment (that is, the loan has the same basic features as a mortgage). If the interest rate is 4 percent, how long will it take you to repay the debt
Business
1 answer:
vladimir1956 [14]3 years ago
3 0

Answer:

15.44 years

Explanation:

Using both excel rate function and financial calculator, the time taken to repay the debt can be computed thus:

Excel rate function:

=nper(rate,pmt,-pv,fv)

rate= interest rate=4%

pmt=yearly payment=c

pv=loan oustanding=-39000

fv=the balance after all payments should be zero=0

=nper(4%,3435,-39000,0)= 15.44 years

Financial calculate

PMT= 3435

RATE=4

PV=-39000

FV=0

CPT N=15.44 years

This means a payment of $3,435 per year for 15 years  and $ 1,511.40  ($3,435*0.44) in the sixteenth year

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pishuonlain [190]

Answer:

Option A is the correct approach.

Explanation:

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While in India you purchased a hat for $15 U.S. How many rupees would you have to pay if each rupee was .032 U.S. dollars? 48 ru
slamgirl [31]

Answer:

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6 0
3 years ago
Communication skills involve
Natasha2012 [34]

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During​ December, LafertyLaferty designed a landscape plan and the client prepaid $ 8 comma 000$8,000. LafertyLaferty recorded t
liubo4ka [24]

Answer:

The answer is:

Dr Unearned Service Revenue 4,800

Cr Service Revenue 4,800

Explanation:

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Cr Service Revenue 4,800

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