Unformatted text preview: that the interest rate for his balance was 15% compounded monthly, he stopped charging on that account. He wished to pay off his balance in 3 years using automatic payments sent at the end of each month. What monthly payment must he make to amortize his debt at the end of 3 years? And, how much interest did he end up paying? 6. If regular payments of $700 are made into an ordinary annuity with interest rate 6.26% compounded semiannually, find the future value after 4 years. Also, determine how much of this total is from regular contributions and how much is...
View Full Document
- Fall '08