Multiple Choice
Julian is a student relying on student loans.He feels he would like to borrow an extra $4000 each year for the next four years to take vacations to recover from studying.Assume that no interest accrues until he completes his education and begins paying off the loan.The interest rate for the loan amount will be seven percent per year compounded monthly and he will pay it off over five years by making end of month payments.What would his monthly payment be on this loan?
A) $374
B) $267
C) $271
D) $316
Correct Answer:
Verified
Correct Answer:
Verified
Q39: Joe and Bill are the same age
Q40: If John makes annual year-end payments of
Q41: To calculate the present value,all you need
Q42: An antique was originally purchased 50 years
Q43: If the interest rate is zero,the future
Q45: The most important thing to note about
Q46: Naldo is considering selling a painting he
Q47: Reza is trying to decide between to
Q48: What is the present value of $1000
Q49: If you borrow money,you will receive interest.