A $6500 loan at 11.25% compounded monthly is to be repaid by three equal payments due 3,

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A $6500 loan at 11.25% compounded monthly is to be repaid by three equal payments due 3, 6, and 12 months after the date of the loan. Calculate the size of each payment.

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Jan 20, 2016 07:19 AM

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A $6500 loan at 11.25% compounded monthly is to be repaid by three equal payments due 3,

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Let x represent the size of each loan payment Each loan payment should ...View the full answer

Business Mathematics In Canada

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