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Christopher received a loan of $27,000 at 4.5% compounded monthly. He had to make payments at the end of every month for a period
Christopher received a loan of $27,000 at 4.5% compounded monthly. He had to make payments at the end of every month for a period of 7 years to settle the loan. a. Calculate the size of payments. Round to the nearest cent b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment Number Payment Interest Portion Principal Portion Principal Balance 0 1 2 Total $27,000.00 0.00
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Business Math
Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
10th edition
133011208, 978-0321924308, 321924304, 978-0133011203
