Angelo borrowed 58000 from his credit union. He agreed to repay the loan by making equal monthly payments for five years. Interest is 9% compounded monthly. b. How much of the principal will be repaid in the 48th payment? Answer

Angelo borrowed 58000 from his credit union. He agreed to repay the loan by making equal monthly payments for five years. Interest is 9% compounded monthly. b. How much of the principal will be repaid in the 48th payment? Answer

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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Angelo borrowed 58000 from his credit union. He agreed to repay the loan by making equal monthly payments for five years. Interest is 9% compounded
monthly.
b. How much of the principal will be repaid in the 48th payment?
Answer

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