Question
A loan is amortized over 7 years, with monthly payments at a nominal rate of 8.7% compounded monthly. The first payment is $1000, paid one
A loan is amortized over 7 years, with monthly payments at a nominal rate of 8.7% compounded monthly. The first payment is $1000, paid one month from the date of the loan. Each succeeding monthly payment will be 4% lower than the prior one. What is the outstanding balance immediately after the 30th payment is made?
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Foundations Of Finance
Authors: Arthur J. Keown, John H. Martin, J. William Petty
10th Edition
0135160618, 978-0135160619
