A loan is repaid with payments of $756 made at the end of each quarter for 11 years. If interest on the loan is 7.8%, compounded monthly, what is the initial value of the loan? Enter to the nearest cent (two decimals). Do not use $ signs or commas. Answer: 28874.90
Added by George R.
Close
Step 1
Number of payments = 11 years * 4 quarters/year = 44 payments Show more…
Show all steps
Your feedback will help us improve your experience
Supreeta N and 92 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Find the simple interest I of the given loan amount. (Round your answers to the nearest cent.) (a) $5,683 borrowed at 11 3/4% from July 1 to December 31 of the same year I = $ (b) $5,683 borrowed at 11 3/4% from July 1 through December 31 of the same year I = $
Supreeta N.
A company offering short-term loans agrees to lend Nick $1,200. The amount (plus interest) is repayable in one year, and the interest rate is 12% per annum. What is the total amount that must be repaid? Give your answer in dollars to the nearest dollar. Do not include commas or the dollar sign in your answer.
Dr Harish V.
If a family borrows $12,879 for an addition to their home, and the loan is to be paid off in monthly payments over a period of 5 years, how much should each payment be? (Interest has been included in the total amount borrowed.) Round your answer to the nearest cent, if necessary. Each payment should be $ 5366.25 .
Federico C.
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD