Mason took a $66,000 loan at 2.55% compounded monthly and decided to make end of month payments of $1,992. 1) How many payments will Mason have to make to amortize this loan? (rounded to the next higher whole number) 2) What will the size of his final payment be? $ (enter a positive value)
Mason took a $66,000 loan at 2.55% compounded monthly and decided to make end of month payments of $1,992. 1) How many payments will Mason have to make to amortize this loan? (rounded to the next higher whole number) 2) What will the size of his final payment be? $ (enter a positive value)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 11RE: Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the...
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![Pls help me answer this. Pls use financial calculator to solve
Mason took a $66,000 loan at 2.55% compounded monthly and decided to make end
of month payments of $1,992.
1) How many payments will Mason have to make to amortize this loan?
(rounded to the next higher whole number)
2) What will the size of his final payment be?
(enter a positive value)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F44848e06-09a0-41bd-943d-bed0d97baaf3%2F0e13e78b-0317-4f3f-a84d-7b1b5b65b8ff%2Fuinoqic_processed.png&w=3840&q=75)
Transcribed Image Text:Pls help me answer this. Pls use financial calculator to solve
Mason took a $66,000 loan at 2.55% compounded monthly and decided to make end
of month payments of $1,992.
1) How many payments will Mason have to make to amortize this loan?
(rounded to the next higher whole number)
2) What will the size of his final payment be?
(enter a positive value)
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