13) You take out a loan for $75,000 for 12 years at 6% monthly. What is the payment? a) how much interest is paid for the entire loan? b) If you pay an extra $100 per month, how many payments will it take to pay off the loan? c) If you pay an extra $100 per month, how much interest will be saved?
13) You take out a loan for $75,000 for 12 years at 6% monthly. What is the payment? a) how much interest is paid for the entire loan? b) If you pay an extra $100 per month, how many payments will it take to pay off the loan? c) If you pay an extra $100 per month, how much interest will be saved?
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 14P
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13) You take out a loan for $75,000 for 12 years at 6% monthly. What is the payment?
a) how much interest is paid for the entire loan?
b) If you pay an extra $100 per month, how many payments will it take to pay off the loan?
c) If you pay an extra $100 per month, how much interest will be saved?
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