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A loan of 11000 is made with interest at a nominal annual rate of 12% compounded monthly. The loan is to be repaid by 36
A loan of 11000 is made with interest at a nominal annual rate of 12% compounded monthly. The loan is to be repaid by 36 monthly payments of 367.21 over 37 months, starting one month after the loan is made, there being a payment at the end of every month but one. At the end of which month is the missing payment?
For your reference, the answer is at the 17th month.
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