A loan of 418,000 is going to be repaid by month-end repayments of 4,000 starting in one month. The interest rate is 5.0% p.a. compounded
A loan of 418,000 is going to be repaid by month-end repayments of 4,000 starting in one month. The interest rate is 5.0% p.a. compounded monthly. Calculate the loan outstanding balance at the end of year 2.Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67)
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Authors: Pierre Bergeron
7th edition
176530835, 978-0176530839
