Ali received a loan of $28,000 at 5.50% compounded monthly. He had to make payments at the

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Ali received a loan of $28,000 at 5.50% compounded monthly. He had to make payments at the end of every month for a period of 5 years to settle the loan.

a.Calculate the size of payments.

Round to the nearest cent

b.Complete an amortization schedule with payments from 1-6, rounding the answers to the nearest cent.

Posted Date: May 18, 2024 07:16 PM

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Ali received a loan of $28,000 at 5.50% compounded monthly. He had to make payments at the

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