A loan of 125,000 will be repaid by payments at the end of each month over 30 years. Payments for a given year are level and 2% greater than those previous year. The monthly payment for the first year is P. The effective annual interest rate is 5%. Calculate P

Answer rating: 100% (QA)

To calculate the monthly payment for the first year P we can use the formula for the prese... View the full answer