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A bank account is remunerated at an APR of 15% with quarterly capitalization of interest. Romuald wishes to make 30

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A bank account is remunerated at an APR of 15% with quarterly capitalization of interest. Romuald  wishes to make 30 monthly payments (of the same amount) at the end of the month so as to accumulate  $20,000 immediately after the last payment.
a)  Represent the payments on a schedule. What type of flow is this?
b)  Calculate the amount of Romuald’s payments.

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Answer rating: 100% (QA)

Calculation of monthly payment The following formula can be used to calculate the m View the full answer


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Personal Finance

Personal Finance

ISBN: 978-1133595830

12th edition

Authors: Thomas Garman, Raymond Forgue

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Posted Date: September 16, 2023 22:37:38
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