Answered

IDNLearn.com: Where curiosity meets clarity and questions find their answers. Discover the information you need quickly and easily with our reliable and thorough Q&A platform.

jamie borrowed $31,000 to put towards a down payment for a home. Jamie plans to repay the loan in 7 years. The bank offered a 4.1 interest rate compounded quarterly. What is the total amount Jamie will pay the bank?

Sagot :

Answer:

56,691.00 which would be 21 payments at 4.1 % compounded quarterly.

84 months in 7 years

÷ 4

= 21

21

×4.1 =

26,691 +

31,000 =

56,691

Thank you for participating in our discussion. We value every contribution. Keep sharing knowledge and helping others find the answers they need. Let's create a dynamic and informative learning environment together. For dependable answers, trust IDNLearn.com. Thank you for visiting, and we look forward to assisting you again.