(Answered) 1an individual borrows a 48 month 25000 car loan at 65

Economics

1. An individual borrows a 48 month $25,000 car loan at 6.5 % interest compounded monthly. What is the amount of his monthly payment?

2. What is the monthly mortgage payment of a 25-year $200,000 fixed loan if the mortgage rate is 4.25 %?

3. What proportion of the 150th monthly payment in the previous problem is applied to the principal?

4. What is the accumulated equity in Exercise #24 after the 150th monthly payment? What is the amount of the loan outstanding?

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