Answered

Discover a world of knowledge at Westonci.ca, where experts and enthusiasts come together to answer your questions. Our Q&A platform offers a seamless experience for finding reliable answers from experts in various disciplines. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

Doreen Short was looking over the repayment schedule for a loan of $40,000. 00 at 9% for 4 years with a monthly payment of $995. 40.



Find the final payment and amount saved if :



A. ) The loan is paid off with payment 30 with a previous balance of $17,565. 74



B. ) The loan is paid off with payment 36 with a loan balance of $12,285. 66



C. ) The loan is paid off with payment 48 with a previous balance of $988. 9

Sagot :

okpalawalter8

Doreen Short was looking over the repayment schedule for a loan of $40,000, the final payment and amount saved for the options are mathematically given as

  1. F=17697.5 , AS=1215.12
  2. F=12377.80, AS=$562.40
  3. F=$995.40, Amount saved is zero

What is the loan is paid off with payment 30 with a previous balance of $17,565. 74?

Generally, the equation for the interest  is mathematically given as

I= balance*percentage/12

Therefore

I=17,565. 74*0.09/12

I=131.7

The final payment

F=I+B

F=131.7+17,565. 74

F=17697.5

Amount saved

AS=19*995.40 -17697.5

AS=1215.12

b) For the loan is paid off with payment 36 with a loan balance of $12,285. 66

I= balance*percentage/12

Therefore

I= 12,285. 66*0.09/12I92.142

I=92.142

Final payment

F=I+B

F=92.142+12377.80

F=12377.80

Amount saved

AS=13*995.40-12377.80

AS=$562.40

c) For the loan is paid off with payment 48 with a previous balance of $988. 9

I= balance*percentage/12

I= 988.09*0.09/12

I=7.41

Therefore

F=7.41* +988.09

F=$995.40

The Amount saved is zero

Read more about Arithmetic

https://brainly.com/question/22568180

#SPJ1

Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.