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Struggling on these three. Help would be very much appreciated. Thanks Find the periodic payment R required to amortize a loan of P dollars over
Struggling on these three. Help would be very much appreciated. Thanks
Find the periodic payment R required to amortize a loan of P dollars over t years with interest charged at the rate of r%/year compounded m times a year. (Round your answer to the nearest cent.) P = 40, 000, r = 5, t = 17, m = 4 A group of private investors purchased a condominium complex for $5 million. They made an initial down payment of 10% and obtained financing for the balance. If the loan is to be amortized over 11 years at an interest rate of 9.6%/year compounded quarterly, find the required quarterly payment. (Round your answer to the nearest cent.) $ Joe secured a loan of $15, 000 two years ago from a bank for use toward his college expenses. The bank charges interest at the rate of 3%/year compounded monthly on his loan. Now that he has graduated from college, Joe wishes to repay the loan by amortizing it through monthly payments over 15 years at the same interest rate. Find the size of the monthly payments he will be required to make. (Round your answer to the nearest cent.) $Step by Step Solution
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