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Peter purchased a cottage for $326000. He paid $36000 down and agreed to make equal payments at the end of every month for 10 years.
Peter purchased a cottage for $326000. He paid $36000 down and agreed to make equal payments at the end of every month for 10 years. Interest is 4% compounded monthly. How much will he owe after 8 years? Do NOT round the payment.
2) A loan of $38300 is repaid by payments of $600 at the end of every quarter. Interest is 4% compounded quarterly. What is the size of the final payment?
2) A loan of $38300 is repaid by payments of $600 at the end of every quarter. Interest is 4% compounded quarterly. What is the size of the final payment?
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Financial Accounting
Authors: LibbyShort
7th Edition
78111021, 978-0078111020
