Question
A loan of $ 11500 is to be repaid in 36 equal monthly installments with the first one paid seven months after the loan is
A loan of $ 11500 is to be repaid in 36 equal monthly installments with the first one paid seven months after the loan is made. The nominal annual interest rate is 11 % compounded quarterly. Determine the amount of the monthly payment.
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Financial Modeling
Authors: Simon Benninga, Tal Mofkadi
5th Edition
0262046423, 9780253337825
