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A bank loans a family $90,000 at 4.5% annual interest rate to purchase a house. The family agrees to pay the loan off by
A bank loans a family $90,000 at 4.5% annual interest rate to purchase a house. The family agrees to pay the loan off by making monthly payments over a 15 year period. How much should the monthly payment be in order to pay off the debt in 15 years? *
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M P r 1 rn 1 rn 1 Where M Monthly payment P Principal amount loan amount ...
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Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
