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twinkieslayer
25.06.2019 •
Mathematics
Monica took out a 30-year loan for $130,000 at an apr of 8.4%, compounded monthly, and she is making monthly payments of $990.39. what will her balance be with 12 years left on the loan
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Ответ:
$ 40331.781 (Approx)
Step-by-step explanation:
Let Monica pay off $ x in 12 years,
Thus, for 12 years, his present value, PV = $ x
Given, APR of the loan = 8.4% = 0.084
Thus, the monthly rate of the loan, r = 0.084/12 = 0.007
The number of period in 12 years, n = 144
And, the monthly payment, P = $ 990.39
Thus, by the formula,
Thus, He pay off $ 89668.2185624 of the original amount of the loan.
⇒The amount of loan left after 12 years
= 130,000 - 89668.2185624
=40331.7814376 ≈ $ 40331.781
Ответ: