The monthly payments on a five-year loan at 7.5% compounded monthly are $200.38.
a) What was the original amount of the loan?
b) What is the balance after the 30^th payment?

Question

The monthly payments on a five-year loan at 7.5% compounded monthly are $200.38. a) What was the original amount of the loan? b) What is the balance after the 30^th payment?

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The Answer of The monthly payments on a five-year loan at 7.5% compounded monthly are $200.38. a) What was the original amount of the loan? b) What is the balance after the 30^th payment?

The Monthly Payments on a Five-Year Loan at 7