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Q9. A loan of $12,000 made at 8% compounded monthly is amortized over 6 years by making equal monthly payments. (i) What is the
Q9. A loan of $12,000 made at 8% compounded monthly is amortized over 6 years by making equal monthly payments. (i) What is the size of the monthly payment (PMT)? (ii) What is the total amount paid to amortize the loan? (iii) What is the cost of financing? PV=PMT | (1+1)-] = PMT x the total number of payments (n) = Total amount paid - PV
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Contemporary Business Mathematics with Canadian Applications
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
10th edition
133052311, 978-0133052312
