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Elementary,Middle School,High School,College,University,PHD

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Applied Sciences,Chemistry See all
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Teaching Since: Apr 2017
Last Sign in: 363 Weeks Ago, 6 Days Ago
Questions Answered: 352
Tutorials Posted: 351

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  • MBA,PHD in Psychology
    Northwest Florida State College
    Jun-1992 - May-1997

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  • Professor
    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 08 May 2017 My Price 9.00

Mr. Smith wants to buy a new car

Mr. Smith wants to buy a new car that will cost $18,000. He will make a down payment in the amount of $8,000. He would like to borrow the remainder from a bank at an interest rate of 9% compounded monthly. He agrees to pay off the loan monthly for a period of two years. Select the correct answer for the following questions:

 

(a) What is the amount of the monthly payment A?

 

 

(b) Mr. Smith has made 12 payments and wants to figure out the balance remaining immediately after 12th payment. What is that balance?

 

Answers

CourseWork
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Status NEW Posted 08 May 2017 11:05 AM My Price 9.00

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