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Unformatted text preview: 10.934% effective annual rate 10.934% b. What is my balance in 25 years if I withdraw $70 per month 10.421% APR compounded monthly 10.421% instead of $50 per month? 300 Number of months in 25 years 0.868% effective rate per month a $22,386.12 Amount I can withdraw b ($6,133.55) Amount I'm overdrawn 5. I borrow $10,000 at an interest rate of 11% APR compounded 11.628% Effective annual rate continuously with monthly payments of $256.25. Two years from 11.051% APR compounded monthly now I can re-finance the then remaining balance @ 10.5% APR 0.921% Effective rate per month compounded quarterly with the same monthly payments. ($5,613.28) Loan balance in 2 years How long would it take (months) to pay the loan down to 10.921% Effective annual rate a $1000.00 remaining balance from today? 10.409% APR compounded monthly 0.867% Effective rate per month 20.4 Months from refinance 44.4 Months from start of loan...
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This note was uploaded on 02/16/2012 for the course ENGR 265 taught by Professor Arnold during the Spring '09 term at University of Arizona- Tucson.
- Spring '09