When you increase the number of payments per period, why does the total cash payment times the
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When you increase the number of payments per period, why does the total cash payment times the number of payments in the period not equal the original single payment for the period? (In other words, why does twelve times a monthly payment on a loan with a positive interest rate not equal the required annual payment on the same loan amount with the same interest rate?)
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The payments are for both interest and principal The interest is based on ...View the full answer
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