You are considering taking out a loan of $10,000.00 that will be paid back over 9 years with monthly payments of $116.1 4. If the interest rate is 5.2% compounded monthly, what would the unpaid balance be immediately after the ninth payment? The unpaid balance would be what?
You are considering taking out a loan of $10,000.00 that will be paid back over 9 years with monthly payments of $116.1 4. If the interest rate is 5.2% compounded monthly, what would the unpaid balance be immediately after the ninth payment? The unpaid balance would be what?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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![You are considering taking out a loan of $10,000.00 that will be paid back over 9 years with monthly payments of $116.1
4. If the interest rate is 5.2% compounded monthly, what would the unpaid balance be immediately after the ninth
payment? The unpaid balance would be what?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5fea56cb-6abf-4d40-840d-fc0f9c97b3e0%2F4a2db183-aeeb-473e-ab83-7e983332c4d5%2F8z5rdxi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You are considering taking out a loan of $10,000.00 that will be paid back over 9 years with monthly payments of $116.1
4. If the interest rate is 5.2% compounded monthly, what would the unpaid balance be immediately after the ninth
payment? The unpaid balance would be what?
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