Explore BrainMass

Explore BrainMass

    Annuity with missing payments during summer

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    You went into your local credit union to secure a loan. You needed $15,000 and since you just started teaching, you did not want payments during the summer months. Your loan will be $15,000 paid over two years starting in January omitting the months of June, July and August each year of the loan . What will be the monthly payments if the loan rate is 6% per year?

    © BrainMass Inc. brainmass.com June 4, 2020, 3:11 am ad1c9bdddf
    https://brainmass.com/business/annuity/annuity-missing-payments-during-summer-502920

    Solution Preview

    An amortization table is created for your in Excel showing the analysis. ...

    Solution Summary

    One strategy is revealed for you. There are others but this is an example of one.

    $2.19

    ADVERTISEMENT