Equal end of year payments of $263.80 each are being made on a $1,000 loan at 15% per year compounded monthly. a. How many payments are required to repay the entire loan? Answer is Blank 1payments b. Immediately after the third payment, what lump sum amount would completely pay off the loan? Answer is $Blank 2 ROUND OFF INTEREST RATE TO 5 SIGNIFICANT PLACES AND YOUR FINAL ANSWER TO 2 DECIMAL PLACES Blank 1 Add your answer Blank 2 Add your answer FROM QUESTION 3: INCLUDE THE CASH FLOW DIAGRAM OF THIS PROBLEM AND ROUND OFF INTEREST RATE TO 5 SIGNIFICANT PLACES AND YOUR FINAL ANSWER TO 2 DECIMAL PLACES.

Equal end of year payments of $263.80 each are being made on a $1,000 loan at 15% per year compounded monthly. a. How many payments are required to repay the entire loan? Answer is Blank 1payments b. Immediately after the third payment, what lump sum amount would completely pay off the loan? Answer is $Blank 2 ROUND OFF INTEREST RATE TO 5 SIGNIFICANT PLACES AND YOUR FINAL ANSWER TO 2 DECIMAL PLACES Blank 1 Add your answer Blank 2 Add your answer FROM QUESTION 3: INCLUDE THE CASH FLOW DIAGRAM OF THIS PROBLEM AND ROUND OFF INTEREST RATE TO 5 SIGNIFICANT PLACES AND YOUR FINAL ANSWER TO 2 DECIMAL PLACES.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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45.
Q 2 Can you show how this is done step by step, please.
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