Homework Answers
PV = 35,000
PMT = -600
Monthly interest rate = (1 + 0.068/4)^(1/4) - 1
Monthly interest rate = 0.004223171829
Monthly interest rate = 0.4223171829%
I/Y = 0.4223171829
FV = 0
CPT N
N = 67.1121761
a. Number of payments = 68
b. Last payment = $600
c. Total interest = 600 * 68 - 35,000
Total interest = $5,800
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