A $30,000 loan at 6.7% compounded annually requires monthly payments of $450. a. Calculate the interest component

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A $30,000 loan at 6.7% compounded annually requires monthly payments of $450.
a. Calculate the interest component of Payment 29.
b. Calculate the principal component of Payment 65.
c. Calculate the final payment.

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Sep 21, 2024 08:02 AM

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A $30,000 loan at 6.7% compounded annually requires monthly payments of $450. a. Calculate the interest component of Payment 29. b. Calculate the principal component of Payment 65. c. Calculate the...
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A $30,000 loan at 6.7% compounded annually requires monthly payments of $450. a. Calculate the interest component

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Given PV 30000 PMT 450 i 67 1 67 Then c 112 andi 2 1 i C 1 1067 1 000541887698 a Interestcom...View the full answer

Business Mathematics In Canada

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