A borrower is repaying a $86000 loan at 10.3%/year compounded monthly with monthly payments over 18...
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A borrower is repaying a $86000 loan at 10.3%/year compounded monthly with monthly payments over 18 years. Just after the 54th payment he has the loan refinanced at 8.3%/year compounded monthly. If the number of payments remains unchanged, what will be the new monthly payment? A borrower is repaying a $86000 loan at 10.3%/year compounded monthly with monthly payments over 18 years. Just after the 54th payment he has the loan refinanced at 8.3%/year compounded monthly. If the number of payments remains unchanged, what will be the new monthly payment?
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Related Book For
Quantitative Methods for Business
ISBN: 978-0840062345
12th edition
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam
Posted Date:
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