Forty monthly payments of $200 each are needed to repay a loan at an interest rate of

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Forty monthly payments of $200 each are needed to repay a loan at an interest rate of 12% per year compounded monthly. The percentage of the amount borrowed that has been repaid by the time the thirtieth payment is made is closest to

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Financial Algebra advanced algebra with financial applications

ISBN: 978-0538449670

1st edition

Authors: Robert K. Gerver

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Posted Date: Jan 29, 2019 12:00 AM

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Forty monthly payments of $200 each are needed to repay a loan at an interest rate of

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Monthly payment 200 i 12 per annum or 12 12 1 per month n 40 We have to find the present valu... View the full answer

Financial Algebra advanced algebra with financial applications

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