Question
Angelo borrowed $8000 from his credit union. He agreed to repay the loan by making equal payments for five years. Interest is 9% compounded monthly.
Angelo borrowed $8000 from his credit union. He agreed to repay the loan by making equal payments for five years. Interest is 9% compounded monthly.
a.How much will Angelo owe after 18 months?
b.How much of the principal will be repaid by the 48th payment?
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Financial Markets And Institutions
Authors: Jeff Madura
6th Edition
0324162618, 978-0324162615
