Question
A loan of $P is taken out today at j12, to be repaid over n-months with monthly payments. You are given the following information: the
A loan of $P is taken out today at j12, to be repaid over n-months with monthly payments. You are given the following information: the principal repaid in the 32nd payment is $343.79, the principal repaid in the 41st payment is $376.00 and the outstanding balance after n ΜΆ 1 monthly payments have been made is $576.77. What is the value of P? (4 marks)
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
Total Loan 1Principal repaid S34379 ...
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Investments An Introduction
Authors: Herbert B Mayo
9th Edition
324561385, 978-0324561388
