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A loan is amortized over 7 years, with monthly payments at a nominal rate of 7.1% compounded monthly. The first payment is $1000, paid one
| A loan is amortized over 7 years, with monthly payments at a nominal rate of 7.1% 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 In Personal Finance
Authors: Dave Ramsey
1st Edition
0981683967, 978-0981683966
