Two years ago you borrowed $10,000 at 12% interest compounded monthly, which was to be amortized over
Question:
Two years ago you borrowed $10,000 at 12% interest compounded monthly, which was to be amortized over 5 years. Now you have acquired some additional funds and decide that you want to pay off this loan. What is the unpaid balance after making equal monthly payments for 2 years?
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012 We first compute the monthly payment using PV 10000 i 12 PMTPV ...View the full answer
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Related Book For 
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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