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It is now January 1 and Granddad Dog has just taken out an installment loan for $100,000 for his garage refurbishment. He has to
It is now January 1 and Granddad Dog has just taken out an installment loan for $100,000 for his garage refurbishment. He has to pay monthly installment of $9,456 for the whole year and the first installment will begin at the end of this month. 1 Calculate periodic rate, APR and EAR. For his second monthly payment, how much interest was included? How much principal repayment was included?
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Loan amount 100000 Monthly installment amount 9456 Number of payments 12 the wh...
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Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
