Question
A loan of $46,000 is paid off in 36 payments at the end of each month in the following way: Payments of$1150 are made at
A loan of $46,000 is paid off in 36 payments at the end of each month in the following way:
Payments of$1150 are made at the end of the month for the first 12 months.
Payments of$1150 +xare made at the end of the month for the second 12 months.
Payments of$1150 + 2xare made at the end of the month for the last 12 months.
What shouldxbe if the nominal monthly rate is 9.2%?
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Calculus
Authors: Ron Larson, Bruce H. Edwards
10th Edition
1285057090, 978-1285057095
