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A loan of $6,000 is repaid by payments of $476 at the end of every month. Interest is 6% compounded monthly. (a) How many payments
A loan of
$6,000
is repaid by payments of
$476
at the end of every
month.
Interest is
6%
compounded monthly.
(a) How many payments are required to repay the debt?
(b) What is the size of the final payment?
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Analysis For Financial Management
Authors: Robert Higgins
6th Edition
0071181172, 9780071181174
