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What equal monthly payments will pay off the debt

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(a) Lynn Anglin owes a debt of $40,000 from the purchase of her new sport utility vehicle. The debt bears annual interest of 11.5% compounded monthly. Lynn wishes to pay the debt and interest in equal monthly payments over 11 years, beginning one month hence. What equal monthly payments will pay off the debt and interest?

(b) On January 1, 2020, Roger Molony offers to buy Dave Feeney's used snowmobile for $7,500, payable in 7 equal annual installments, which are to include 6.75% interest on the unpaid balance and a portion of the principal. If the first payment is to be made on December 31, 2020, how much will each payment be?

Reference no: EM132994885

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