A loan is to be repaid over 30 years, with month-end repayments of 8,000. If the interes rate is 3.0% p.a. compounded monthly. Calculate the loan outstanding balance at the end of 10 years. Correct your answer to the

A loan is to be repaid over 30 years, with month-end repayments of 8,000. If the interes rate is 3.0% p.a. compounded monthly. Calculate the loan outstanding balance at the end of 10 years. Correct your answer to the

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 31P

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Question

A loan is to be repaid over 30 years, with
month-end repayments of 8,000. If the interest
rate is 3.0% p.a. compounded monthly.
Calculate the loan outstanding balance at the
end of 10 years. Correct your answer to the
nearest cent without any units.

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