......... 5. Locust Inc. owes $16,000.00 to be repaid by monthly payments of $500.00. Interest is 8% compounded monthly. a) How many payments will Locust Inc. have to make? b) How much interest is...


.........<br>5. Locust Inc. owes $16,000.00 to be repaid by monthly payments of $500.00. Interest is 8% compounded<br>monthly.<br>a) How many payments will Locust Inc. have to make?<br>b) How much interest is included in the 16th payment?<br>c) How much of the principal will be repaid in the 14th payment period?<br>d) How much interest was paid in total?<br>

Extracted text: ......... 5. Locust Inc. owes $16,000.00 to be repaid by monthly payments of $500.00. Interest is 8% compounded monthly. a) How many payments will Locust Inc. have to make? b) How much interest is included in the 16th payment? c) How much of the principal will be repaid in the 14th payment period? d) How much interest was paid in total?

Jun 04, 2022
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