Question
I borrowed $12,000. I can afford payments of $500 per month at the end of each month, and the annual interest rate is 4.5 percent.
I borrowed $12,000. I can afford payments of $500 per month at the end of each month, and the annual interest rate is 4.5 percent.
I.How many months will it take to pay off the loan?
II.How much will you pay off by the end of the 25th month (keep two decimal places)?
III.How much will you pay off by the end of the 26th month (keep two decimal places)?
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Recent Advances In Computational Finance
Authors: Nikolaos S. Thomaidis, Jr. Dash, Gordon H.
1st Edition
1626181233, 978-1626181236
