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Problem #5: A loan of $16,000 is paid off in 36 payments at the end of each month in the following way: Payments of $400
Posted: Sat Nov 27, 2021 5:22 pm
by answerhappygod
- Problem 5 A Loan Of 16 000 Is Paid Off In 36 Payments At The End Of Each Month In The Following Way Payments Of 400 1 (35.82 KiB) Viewed 50 times
Problem #5: A loan of $16,000 is paid off in 36 payments at the end of each month in the following way: Payments of $400 are made at the end of the month for the first 12 months. Payments of $400 + x are made at the end of the month for the second 12 months. Payments of $400 + 2x are made at the end of the month for the last 12 months. What should x be if the nominal monthly rate is 9.2%? Problem #5: Answer correct to 2 decimals. Just Save Submit Problem #5 for Grading