1. Jeremiah has 3 years to repay a $55000 personal loan at 6.55% per year, compounded monthly. a. Calculate the monthly payment and show all variables used for TVM Solver. b. Calculate the total amount Jeremiah ends up paying. c. Calculate the amount of interest Jeremiah will pay over the life of the loan.

1. Jeremiah has 3 years to repay a $55000 personal loan at 6.55% per year, compounded monthly. a. Calculate the monthly payment and show all variables used for TVM Solver. b. Calculate the total amount Jeremiah ends up paying. c. Calculate the amount of interest Jeremiah will pay over the life of the loan.

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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