Question
A bank recently loaned you $15,000 to buy a car. The loan is for five years (60 months) and is fully amortized. The nominal rate
A bank recently loaned you $15,000 to buy a car. The loan is for five years (60 months) and is fully amortized. The nominal rate on the loan is 12 percent, and payments are made at the end of each month.
a. What will be the monthly payments?(10 marks)
b. What will be the remaining balance on the loan after you make the 30th payment?
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Introduction To Statistical Investigations
Authors: Beth L.Chance, George W.Cobb, Allan J.Rossman Nathan Tintle, Todd Swanson Soma Roy
1st Edition
1118172140, 978-1118172148
