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A man has borrowed $10,000 which he will repay in 60 equal monthly installments. After his twenty-fifth payment he desires to pay the remainder of
A man has borrowed $10,000 which he will repay in 60 equal monthly installments. After his twenty-fifth payment he desires to pay the remainder of the loan at the time of the 26th payment in a single payment. At an interest rate of 2% per month what is the amount of the payment?
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Solution Step 1 EMI P x R x 1RN1RN1 Where EMI Equal Monthly Payment P Loan Amount R Interes...
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Engineering Economic Analysis
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
9th Edition
978-0195168075, 9780195168075
