Question
Compute the monthly payment on a $45,000 loan if the principal and interest are to be repaid in 84 equal installments with the first payment
Compute the monthly payment on a $45,000 loan if the principal and interest are to be repaid in 84 equal installments with the first payment due one month from now. The annual interest rate is 7.50% (i.e. [.0750/12 to calculate the monthly rate). What is your initial payment?
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Financial Markets And Institutions
Authors: Frederic S. Mishkin, Stanley G. Eakins
7th Edition
013213683X, 978-0132136839
