If you take out a bank loan of $11500 now, what will the monthly payment be if you have to repay the money over 5 years at a yearly interest rate of 9%, compounded monthly? Round your answer to 2 places after the decimal.

If you take out a bank loan of $11500 now, what will the monthly payment be if you have to repay the money over 5 years at a yearly interest rate of 9%, compounded monthly? Round your answer to 2 places after the decimal.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Safari File Edit View History Bookmarks Window Help Inbox (3,222) - tonygonzalez0100@g... learn-us-east-1-prod-fleet02-xythos.content.blackboardcdn.com Bb Welcome, Tony - Blackboard Learn The Effect of Compounding 4. Use the TVM Calculator to fill in the following table given that the APR is 6%. Round to 2 decimal places as needed. PV = PMT = FV = APR = Periods = CHANGES Compounding: CHANGES Bb NCBM 0222/MATD 0485 Unit 4 Conte... DEC 7 Principal Compounding Periods Annually $1,000 $1,000 $1,000 $1,000 $1,000 Semiannually tv Monthly Weekly Bb https://learn-us-east-1-prod-fleet02-x... Daily If we summarize the effect seen in the table, we see that more compoundings per year means that you will have more money in the account, but the amount of increase will eventually level off. Most Screenshot publish the APY, or Annual Percentage Yield, instead of the APR to account for this effect. Amount after 1 year A 5 32 4/ Ơ Wed Dec 7 12:11 AM b Success Confirmation of Question Sub... t PM PM . PM…
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