Question
John takes out a loan of L today. He makes monthly payments of 1,110.21 at the end of each month for 10 years to repay
John takes out a loan of L today.
He makes monthly payments of 1,110.21 at the end of each month for 10 years to repay the loan at an annual nominal interest rate of 6%, convertible monthly.
Determine the loan amount L.
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The Ascendancy Of Finance
Authors: Joseph Vogl, Simon Garnett
1st Edition
1509509305, 978-1509509300
