An automobile loan of $15,000 at a nominal rate of 9% compounded monthly for 36 months requires

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An automobile loan of $15,000 at a nominal rate of 9% compounded monthly for 36 months requires equal end€of€month payments of $477. Complete the following table for the first six payments as you would expect a bank to calculate the values:

Repayment of Principal Remaining Loan End of Interest Month (n) Payment Balance $14,635.50 1 $367.23 $369.99 3 $104.24 4

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Fundamentals of Engineering Economics

ISBN: 978-0132775427

3rd edition

Authors: Chan S. Park

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Question Posted: Nov 12, 2018 11:35 AM

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An automobile loan of $15,000 at a nominal rate of 9% compounded monthly for 36 months requires

Question:

Repayment of Principal Remaining Loan End of Interest Month (n) Payment Balance $14,635.50 1 $367.23 $369.99 3 $104.24 4 $101.44 $12,771.58

Step by Step Answer:

Loan repayment schedule A 15000AP 075 36 47700 End of ...View the full answer

Fundamentals of Engineering Economics

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