A loan for $15,000 is taken out from a loan company that uses the sum of digits method.It is to be paid back over 15 years with semi-annual payments of $920.87 at j2 = 9%.What is the interest portion of the 11th payment?
A) $420.87
B) $515.90
C) $526.08
D) $543.06
Correct Answer:
Verified
Q52: A $60,000 loan is paid back over
Q53: Anderson takes out a loan of $22,000
Q54: A loan is being repaid with monthly
Q55: A corporation takes out a $100,000 loan
Q56: A woman takes out a loan to
Q58: A 5-year $6000 loan is to be
Q59: A corporation takes out a $100,000 loan
Q60: A loan of $10,000 is to be
Q61: A city borrows $1 million,paying semi-annual interest
Q62: A city borrows $1,000,000 at j2 =
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents