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Rick took out a 10 year loan for $60,000 at an APR of 6%, compounded monthly. What will his balance be after he has made exactly half of his monthly payments?

Rick took out a 10 year loan for $60,000 at an APR of 6%, compounded monthly. What will his balance be after he has made exactly half of his monthly payments?
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Rick took out a 10 year loan for $60,000 at an APR of 6%, compounded monthly. What will his balance be after he has made exactly half of his monthly payments?

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User Yupma
by
8.5k points

1 Answer

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Answer: 34,455.59

Explanation:

answered
User Ashish Kumar Saxena
by
7.6k points
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