Question

A borrower had a loan of 60,000.00 at 5% compounded annually with 9 annual payments. Suppose the borrower paid off the loan after 5 years. Calculate the amount needed to pay off the loan. The amount needed to pay off this loan after years is $ (Round to the nearest cent as needed.)

Name: a borrower had a loan of 6000000 at 5 compounded annually with 9 annual payments suppose the borrower paid off the loan after 5 years calculate the amount needed to pay off the loan the amou 66453
Uploaded: 2023-03-05T22:15:25-08:00
Duration: 1 min 42 s
Channel: Benjamin Densmore
Description: a borrower had a loan of 6000000 at 5 compounded annually with 9 annual payments suppose the borrower paid off the loan after 5 years calculate the amount needed to pay off the loan the amou 66453

          A borrower had a loan of 60,000.00 at 5% compounded annually
with 9 annual payments. Suppose the borrower paid off the loan
after 5 years. Calculate the amount needed to pay off the loan.
The amount needed to pay off this loan after years is $
(Round to the nearest cent as needed.)

Added by Joseph M.

Calculus: Early Transcendentals

James Stewart 8th Edition

Instant Answer

Solved by Expert Benjamin Densmore

03/05/2023

Step 1

First, we need to find the annual payment using the loan payment formula: $PMT = PV \cdot \frac{r(1+r)^n}{(1+r)^n-1}$ Where: $PMT$ = annual payment $PV$ = present value of the loan (60,000) $r$ = annual interest rate (0.05) $n$ = number of payments (9) Show more…

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A borrower had a loan of 60,000.00 at 5% compounded annually with 9 annual payments. Suppose the borrower paid off the loan after 5 years. Calculate the amount needed to pay off the loan. The amount needed to pay off this loan after years is $ (Round to the nearest cent as needed.)