A software company took a loan of $85,000 from a bank at a rate of 8.5% compounded
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A software company took a loan of $85,000 from a bank at a rate of 8.5% compounded semi-annually. The company was required to pay equal payment amounts at the beginning of every month for ten years. The first payment will be made one year from now.
a. What will be the size of the monthly payments?
b. What will be the total interest charged?
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Related Book For 
Mathematics Of Business And Finance
ISBN: 9781927737545
4th Edition
Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans
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