A loan of $15,000 is compounded monthly at 4.5% and is to be paid off with monthly
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Question:
A loan of $15,000 is compounded monthly at 4.5% and is to be paid off with monthly payments for 3 years.
Use the amortization formulato answer the following questions.
What is the present value PV?
What is the value of i?
What is the value of n?
Related Book For
Intermediate Accounting
ISBN: 978-1119048541
11th Canadian edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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