question archive You borrow $5000 on August 22nd this year

You borrow $5000 on August 22nd this year

Subject:BusinessPrice: Bought3

  1. You borrow $5000 on August 22nd this year. Your loan carries an interest rate of 8.41% simple interest. You make partial payments of $500 on September 15th and $1575 on October 17th. You want to make a final payment to pay off the remaining outstanding balance on November 21st. What is the size of your final payment? *
  2. A loan of $20 000 is paid over 5 years by monthly payments of $450. What is the nominal rate of interest on the loan?

 

pur-new-sol

Purchase A New Answer

Custom new solution created by our subject matter experts

GET A QUOTE

Related Questions