A 13 -year loan for $1,500,000 is to be amortized by equal monthly payments. If the APR is at 7.53%, find the amount of the interest in the first payment. $ (calculate to cents.)
A 13 -year loan for $1,500,000 is to be amortized by equal monthly payments. If the APR is at 7.53%, find the amount of the interest in the first payment. $ (calculate to cents.)
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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