Question
A loan is amortized over 6 years, with monthly payments at a nominal rate of 8% compounded monthly. The first payment is $1000, paid one
A loan is amortized over 6 years, with monthly payments at a nominal rate of 8% compounded monthly. The first payment is $1000, paid one month from the date of the loan. Each succeeding monthly payment will be 3% lower than the prior one. What is the outstanding balance immediately after the 30th payment is made?
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The Millionaire Next Door The Surprising Secrets Of Americas Wealthy
Authors: Thomas J. Stanley, William D. Danko
1st Edition
1589795474, 978-1589795471
