Question
A loan of $100,000 is repaid with monthly payments of $1000 at the end of each month, and a smaller final payment one month
A loan of $100,000 is repaid with monthly payments of $1000 at the end of each month, and a smaller final payment one month after the last regular payment, at a nominal interest rate of (12)=0.06. Find the outstanding loan balance, when the borrower has made payments equal to the amount of the loan.
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Finite Mathematics and Its Applications
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
12th edition
978-0134768588, 9780134437767, 134768582, 134437764, 978-0134768632
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