How Much Longer Will It Take Monthly Payments of $1,000

question 121

Short Answer

How much longer will it take monthly payments of $1,000 to pay off a $100,000 loan if the monthly compounded rate of interest on the loan is 5.25% instead of 4.875%?

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Definitions:

Symbol

Graphical representations used in technical drawings to convey information about the part or assembly quickly and clearly.

Total Runout

Measurement that reflects the total variation a cylindrical or spherical object’s surface has when rotated about an axis.

Runout Tolerances

Specifications that limit the amount a mechanical part may deviate from a perfect circular path during its rotation.

Datum Axis

An imaginary line or axis on a part defined from a datum surface, serving as a reference for measuring and orienting the part.