Question
Julio borrowed $21,000 from a bank at a nominal annual interest rate of 7.7% compounded monthly. The loan will be repaid in 36 monthly installments
Julio borrowed $21,000 from a bank at a nominal annual interest rate of 7.7% compounded monthly. The loan will be repaid in 36 monthly installments over 3 years. Immediately after payment number 23, Julio desires to pay the remainder of the loan in a single payment. Compute the total amount he must pay."
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Finance Budget And Management For Reference Services Routledge Library Editions Library And Information Science
Authors: Ruth A. Fraley, Bill Katz
1st Edition
0367374293, 978-0367374297
