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IME 3 0 1 SP 2 0 2 4 T 1 Page 3 Name Part II . Problems Problem 1 An adjustable interest loan was
IME SP T
Page
Name
Part II Problems
Problem
An adjustable interest loan was taken by David Walker for a sum of $ for years. The monthly interest rate was with monthly compounding. After the first months payments were made, for the remaining months, the interest rate for the remaining balance of the loan at that time was reduced to for the last payments. Determine:
a the monthly payments for the first months.
b the loan balance immediately after the payment was made, and
c the monthly payments for the last months.
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