You are considering taking out a loan of $11,000.00 that will be paid back over 9 years with monthly payments of $135.90. If the interest rate is 6.7% compounded monthly, what would the unpaid balance be immediately after the fourteenth payment?
Added by Shannon G.
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The monthly interest rate is 6.7% / 12 = 0.56%. The total interest paid over 14 months is $135.90 * 14 = $1902.60. Show more…
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