Cody borrowed $9100.00 from his credit union.He agreed to repay the loan by making equal monthly payments for 4 years.Interest is 9% compounded monthly.
a)What is the size of the monthly payments?
b)How much will the loan cost him?
c)How much will Cody owe after 16 months?
d)How much interest will he pay in his 26^th payment?
e)How much of the principal will be repaid in the 18^th payment?
f)Prepare a partial amortization schedule showing details of the first three payments,Payments 24,25,26,the last three payments,and totals.

Question

Quizplus · Accepted Answer

The Answer of Cody borrowed $9100.00 from his credit union.He agreed to repay the loan by making equal monthly payments for 4 years.Interest is 9% compounded monthly. a)What is the size of the monthly payments? b)How much will the loan cost him? c)How much will Cody owe after 16 months? d)How much interest will he pay in his 26^th payment? e)How much of the principal will be repaid in the 18^th payment? f)Prepare a partial amortization schedule showing details of the first three payments,Payments 24,25,26,the last three payments,and totals.

Cody Borrowed $9100