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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Fundamentals Of Matrix Analysis With Applications
Authors: Edward Barry Saff, Arthur David Snider
1st Edition
111895369X, 9781118953693
