Question
WITHOUT EXCEL 1). You take out a loan of 5000 at a nominal rate of 5.4% convertible monthly. Your first 59monthly payments are 96, and
WITHOUT EXCEL
1). You take out a loan of 5000 at a nominal rate of 5.4% convertible monthly. Your first 59monthly payments are 96, and the last payment is smaller. You miss the 3rd and 17thpayments. What is the outstanding loan balance immediately after the 12th payment?
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Sound Investing, Chapter 7 - Cash Versus Accrual
Authors: Kate Mooney
1st Edition
0071719296, 9780071719292
