Cover the cost of the balance remaining on the? loan

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Reference no: EM131979189

1. A homeowner has five years of monthly payments of $1,200 before she has paid off her house. If the interest rate is 4% ?APR, what is the remaining balance on her loan?

2. A Xerox DocuColor photocopier costing $39,000 is paid off in 60 monthly installments at 6.2% APR. After three years the company wishes to sell the photocopier. What is the minimum price for which they can sell the copier so that they can cover the cost of the balance remaining on the? loan?

Reference no: EM131979189

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