a. The total interest paid on a 3 year loan at 9% interest compounded monthly is

Question

a. The total interest paid on a 3 year loan at 9%                    interest compounded monthly is $1505.82. determine the monthly payment for the loan.                                 

b.  How much money can Anthony borrow at 6 percent interest compounded SEMIANNUALLY if the loan is to be repaid at half-year intervals for 10                    years and he can afford to pay $411 per half year?

c.

X + 3y = -13

3X +3y = -9

What is the inverse matrix? A  -1 =

____     ____

____     ____

Type an integer or fraction for each matrix element

Explanation / Answer

9 per cent anualy so 9/12 =0.75 % monthly

x be the sum of the loan taken

x1.0075^36 -x =1505.82

0.309x=1505.82

x =4873.2

total to be given =4873.2+1505.82 =6379.02

monthly intstalment =6379.02/36 =177.2

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