An amortized loan has 12 payments at the end of each month. The first 8 payments...
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An amortized loan has 12 payments at the end of each month. The first 8 payments are 800 each and the final 4 payments are 900 each. Interest is at a nominal annual rate of 12% compounded monthly. Find the initial loan amount. An amortized loan has 12 payments at the end of each month. The first 8 payments are 800 each and the final 4 payments are 900 each. Interest is at a nominal annual rate of 12% compounded monthly. Find the initial loan amount.
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To find the initial loan amount of an amortized loan we need to calculate the present value of the f... View the full answer
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
Posted Date:
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