You are offered an add-on loan for $4,500 at 18% for 5 years. What is the monthly payment? What is the amount of interest? What is the true interest

2.If you could pay the same loan above at a compound rate:

What would the monthly payment be?

What would the amount of interest be?

*Create monthly payment schedule for each loan above using Excel.

Suppose that you are only allowed to make a balloon payment to the principal of the compound interest loan. You have $1,000 to put down at the beginning of year three. How many payments will you save?

"Order a similar paper and get 15% discount on your first order with us
Use the following coupon
"FIRST15"

Order Now