1. To finance their daughter's education, a couple applies for a $130,000 loan. The bank's stated rate is 7% compounded monthly.
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3. What is the monthly installment if the loan period is 5 years and repayment is made in the start of each month (including the first payment).

Answer rating: 100% (QA)

To calculate the monthly installment for a loan with monthly compounding we can use the ... View the full answer