In order to pay for school, you borrow $22,000 at per year compounded monthly
ID: 1184934 • Letter: I
Question
In order to pay for school, you borrow $22,000 at per year compounded monthly You do not pay back any of it until the end until the end of the first month following year 4, and you intend to have it paid off by the end of year 7. a. What are your monthly payments during years 5, 6, and 7? b. How much interest is in the sixtieth month's payment? How much principal? c. How much interest is in the sixty fourth month's payment? How much principal? d. How much interest is in the sixty-eighth month's payment? How much principal? I have the right correct answers, just trying to figure out how to get them for a test tomorrow. THanks!!!!!Explanation / Answer
Principal Money After 4 years : 22000*(1+12%/12)^(12*4)+22000*(1+12%/12)^(12*3)+22000*(1+12%/12)^(12*2)+22000*(1+12%/12)^(12*1)=119670.19;;a. What are your monthly payments during years 5, 6, and 7? $3975;;b. How much interest is in the sixtieth month's payment? How much principal?$875, $3099;;c. How much interest is in the sixty fourth month's payment? How much principal?$750,$3225;;;d. How much interest is in the sixty-eighth month's payment? How much principal?$619,$3356