You are told to ignore the amount of principal paid, so you are apparently to assume the loan amount was for $50 thousand.
a) The old monthly payment was $10.67×50 = $533.50
b) The new monthly payment is $11.72×50 = $586.00
c) The increase in monthly payment is figured in the usual way:
... (new/old -1)×100% = (1.0984-1)×100% = 9.84%
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In reality, about 3% of the loan will have been paid at the end of 2 years. Thus, the original loan amount may have been near $51,500. This problem is telling you to ignore the difference.
Answer:
i would love to help but there is no question :(
Step-by-step explanation:
First 2 are true and others are false
