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Lada Lada
wrote...
Posts: 357
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6 years ago
If a student loan was repaid by monthly payments of $800.00 in 5.0 years at 8.00% compounded yearly, how much interest was paid?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
PMT = 800, i = 0.08, n = 5 × 12 = 60, c = 
p =  - 1 = 0.0064340
PVg = 800.00  = 800.00(49.6449458) = $39 715.92
Interest paid    = 60(800.00) - 39715.96
   = 48000.00 -39715.96 = $8284.04
wrote...
4 years ago
Excellent solution. Thanks for indicating that you were initially solving for PVg
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