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A loan of $26,000 is paid off in 36 payments at the end of each month in the following way: Payments of $650 are made at the end of the month for the first 12 months. Payments of $650 + x are made at the end of the month for the second 12 months. Payments of $650 + 2x are made at the end of the month for the last 12 months. What should x be if the nominal monthly rate is 12.2%?

A loan of $26,000 is paid off in 36 payments at the end of each month in the following way: Payments of $650 are made at the end of the month for the first 12 months. Payments of $650 + x are made at the end of the month for the second 12 months. Payments of $650 + 2x are made at the end of the month for the last 12 months. What should x be if the nominal monthly rate is 12.2%?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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A loan of $26,000 is paid off in 36 payments at the end of each month in the following way: Payments of $650 are made at the end of the month for the first 12 months. Payments of $650 + x are made at the end of the month for the second 12 months. Payments of $650 + 2x are made at the end of the month for the last 12 months. What should x be if the nominal monthly rate is 12.2%?
Transcribed Image Text:A loan of $26,000 is paid off in 36 payments at the end of each month in the following way: Payments of $650 are made at the end of the month for the first 12 months. Payments of $650 + x are made at the end of the month for the second 12 months. Payments of $650 + 2x are made at the end of the month for the last 12 months. What should x be if the nominal monthly rate is 12.2%?
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