Question
You are taking out a $60,000 loan to be paid out over five (5) years in 60 equal monthly payments. Each payment will be made
You are taking out a $60,000 loan to be paid out over five (5) years in 60 equal monthly payments. Each payment will be made at the end of each month. Suppose that the APR of this loan is 6.0% (compounded monthly). What is the outstanding amount of the loan principal right after the first monthly payment?
- A. $56,287
- B. $58,843
- C. $59,140
- D. $59,700
- E. $59,887
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New Issues In Financial Institutions Management
Authors: F Fiordelisi, P Molyneux, D Previati
2010th Edition
0230278108, 978-0230278103
