Calculate the total payoff amount if you tripled the original $30 monthly payment to $90 per month. (number of months x monthly payment amount.) How much of that payoff would be interest payments?
Calculate the total payoff amount if you tripled the original $30 monthly payment to $90 per month. (number of months x monthly payment amount.) How much of that payoff would be interest payments?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Calculate the total payoff amount if you tripled the original $30 monthly payment to $90 per month. (number of months x monthly payment amount.) How much of that payoff would be interest payments?
Transcribed Image Text:DEBT PAYOFF CHART #3
Total Debt (also called the principal)
Interest Rate
$1,000 Monthly Payment
12.99%
Total Months to Payoff
$90
12
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