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A loan of 125,000 will be repaid by payments at the end of each month over 30 years. Payments for a given year are level
A loan of 125,000 will be repaid by payments at the end of each month over 30 years. Payments for a given year are level and 2% greater than those previous year. The monthly payment for the first year is P. The effective annual interest rate is 5%. Calculate P
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To calculate the monthly payment for the first year P we can use the formula for the prese...
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Business Mathematics In Canada
Authors: Ernest Jerome
7th edition
978-0071091411, 71091416, 978-0070009899
