Solved

Solve the Problem Using the Loan Payoff Table or an Amortization

Question 27

Multiple Choice

Solve the problem using the loan payoff table or an amortization table. Solve the problem using the loan payoff table or an amortization table. -A real estate company borrowed $305,000 to develop some condos. It amortized the loan to pay monthly for 4 years at 8% interest. Find the amount of each monthly payment. A) $8,350.90 B) $6,743.55 C) $7,591.45 D) $7,445.05
-A real estate company borrowed $305,000 to develop some condos. It amortized the loan to pay monthly for 4 years at 8% interest. Find the amount of each monthly payment.


A) $8,350.90
B) $6,743.55
C) $7,591.45
D) $7,445.05

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q22: Find the unpaid balance at the end

Q23: Find the finance charge for the following

Q24: Find the unpaid balance at the end

Q25: Solve the problem.
-Use the average daily balance

Q26: Find the total monthly payment including taxes

Q28: Find the finance charge on the revolving

Q29: Use the real estate amortization table to

Q30: Solve the problem. Use the approximate APR

Q31: Solve the problem. Use the approximate APR

Q32: Find the finance charge and total installment

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents