Question
9. (10 points) A loan in the amount of L is repaid with 360 end of month payments of X. The nominal rate of
9. (10 points) A loan in the amount of L is repaid with 360 end of month payments of X. The nominal rate of interest is 12% convertible monthly, and the amount of principal in the 180th payment is 5000. Find the total interest paid during the life of the loan.
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Investments An Introduction
Authors: Herbert B Mayo
9th Edition
324561385, 978-0324561388
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