A debt of $60 000 is repaid over 25 years with monthly payments. Interest is 7% compounded
Question:
(a) What is the size of the periodic payments?
(b) What is the outstanding principal after the 119th payment?
(c) What is the interest paid in the 120th payment?
(d) How much principal is repaid in the 120th payment?
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a PV nc 60 00000 i 35 n 300 c 212 16 p 1035 16 1 1005...View the full answer
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Related Book For 
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
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