Question: 54 55 Practice 7: Solving for the Monthly Installment (PMT) 56 PV 57 n = Number of Periods 58/=rate 59 60 PMT 61 62 63

54 55 Practice 7: Solving for the Monthly Installment (PMT) 56 PV 57 n = Number of Periods 58/=rate 59 60 PMT 61 62 63 $ 100,000 360 6.0% $599.55 Syntax PMT(rate,nper,pv,fv,type) <<- Try again! Problem I take a home loan of $100,000 to be repaid in thirty years or (12*30 =360) 360 equal monthly installments. If the interest rate is 6% paid monthly, what is the installment amount

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