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A borrower is repaying a $86000 loan at 10.3%/year compounded monthly with monthly payments over 18 years. Just after the 54th payment he has
A borrower is repaying a $86000 loan at 10.3%/year compounded monthly with monthly payments over 18 years. Just after the 54th payment he has the loan refinanced at 8.3%/year compounded monthly. If the number of payments remains unchanged, what will be the new monthly payment?
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Quantitative Methods For Business
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam
12th Edition
840062338, 840062346, 9780840062338, 978-0840062345
