The interest rate on a $100,000 loan is 4.8% compounded monthly. What end-of-month payment amount will repay

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The interest rate on a $100,000 loan is 4.8% compounded monthly. What end-of-month payment amount will repay the loan in

a. 5 years?

b. 10 years?

c. 15 gears?

d. 20 pears?

Also calculate the total interest paid in each case. (Note that a doubling of the term more than doubles the total interest paid over the life of the loan.)

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Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

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Question Posted: Oct 21, 2020 04:57 AM

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The interest rate on a $100,000 loan is 4.8% compounded monthly. What end-of-month payment amount will repay

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Fundamentals Of Business Mathematics In Canada

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