Sandra takes out a $ 22000 loan to be paid back in monthly payments of P over the next five years. The nominal interest rate is 9 % compounded monthly. After making the first payment one month from the date of the loan, she begins a habit of skipping two monthly payments after each payment of P. 

Determine the loan balance five years after taking out the loan.

Answer rating: 100% (QA)

To determine the loan balance five years after taking out the loan we need to calculate the monthly ... View the full answer