Question
An amortized loan requires 500 end of month payments of 1, 2, 3, 4, ..., 499, 500. The nominal interest rate is 6% convertible monthly.
An amortized loan requires 500 end of month payments of 1, 2, 3, 4, ..., 499, 500. The nominal interest rate is 6% convertible monthly. Find the outstanding balance of the loan immediately after the 5th payment.
(a) 28619.77 (b) 29327.36 (c) 29342.46 (d) 30514.11 (e) 31589.03
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Personal Finance
Authors: Jeff Madura
4th Edition
0136117007, 9780136117001
