Joe secured a loan of $15,000 two years ago from a bank for use toward his college expenses. the bank charges interest at the rate of 4%/year compounded monthly on his loan. now that he has graduated from college, joe wishes to repay the loan by amortizing it through monthly payments over 13 years at the same interest rate. find the size of the monthly payments he will be required to make. (round your answer to the nearest cent.)

$131.29

Explanation:

Given data:

loan amount = $15,000

duration for loan = 2 year

rate of interest = 4%

period for loan payment  13 year

Loan Amount Grew To:

Amortization Formula:

PV = $16247.14

r = .04

m = 13

t = 12

so

PMT =

PMT = $130.65

$131.29

the correct answer would be b, when, queen, calder hall and london.

explanation:

we always capitalize words when a paragraph or sentence is starting, when an important name is used, when a place is being written, or simply when a noun is used, etc. so in this sentence, sentence is starting from 'when', so it will be written in capital letters. secondly, queen is considered to be an important person, so it will also be written in capital letter. next, the name of the town is mentioned, i-e calder hall, which will also be written in capital letters. in the last,   city name is being used, 'london', which will also be written in capital letters. so option b is the most appropriate one.

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