1. Ana must pay 10,000 to pay an obligation of 8,000 at 3% compounded monthly. When should the payments be given? 2. How much is the monthly amortization on an automobile loan of 900,000 to be amortized over a 5-year period at a rate of 9.5% compounded monthly?

1. Ana must pay 10,000 to pay an obligation of 8,000 at 3% compounded monthly. When should the payments be given? 2. How much is the monthly amortization on an automobile loan of 900,000 to be amortized over a 5-year period at a rate of 9.5% compounded monthly?

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

1. Ana must pay 10,000 to pay an obligation of 8,000 at 3% compounded monthly. When should the payments be given?

2. How much is the monthly amortization on an automobile loan of 900,000 to be amortized over a 5-year period at a rate of 9.5% compounded monthly?

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