A $30,000 Loan at 6

question 161

Short Answer

A $30,000 loan at 6.7% compounded annually requires monthly payments of $450.
a) Calculate the interest component of Payment 29.
b) Calculate the principal component of Payment 65.
c) Calculate the final payment.

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Definitions:

Tract

In anatomy, a system of related organs or tissues through which materials pass, such as the digestive tract.

To Draw

Means to produce a picture or diagram by making lines and marks on a surface, typically with a pen, pencil, or crayon.

Sternocleidomastoid

A major muscle in the neck that facilitates head rotation and flexion.

Laterally Flexes

The act of bending the spine or another part of the body side to side, away from the midline of the body.