You received a loan from a bank for $100,000 at an interest rate of 6%. You...
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You received a loan from a bank for $100,000 at an interest rate of 6%. You are expected to payback the loan in equal monthly payments over the next 10 years. How much of the first payment went to interest? You received a loan from a bank for $100,000 at an interest rate of 6%. You are expected to payback the loan in equal monthly payments over the next 10 years. How much of the first payment went to interest?
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1 Let the monthly payment be A So writing the present value equation we have 100000 A x 11005 ... View the full answer
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