(solved)John takes out a loan for $10100 at 7% interest compounded monthly and is making payments of $110 a month. Calculate his remaining balance after 30…. . . . .
John takes out a loan for $10100 at 7% interest compounded monthly and is making payments of $110 a month. Calculate his remaining balance after 30 months.John’s balance due after 30 months will be $Time Value of Money SolverN: = 1.6 30 – 24 = 6…. 1.6 for the year; I’m not sure??Number of Compounding PeriodsI:% = 7Annual Interest Rate as a PercentPV: = 10100Present ValuePMT: = PaymentFV: = Future ValueP/Y: 12Payments per YearC/Y: 12Compounding Periods per YearPMT: = ENDPayments are made at the end of the periodI’m using a TI-84 PLUS, I’m not sure how you factor in the $110 into this equation.
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Answer to John takes out a loan for $10100 at 7% interest compounded monthly and is making payments of $110 a month. Calculate his remaining balance after 30… . . .
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