To save money for her son's college tuition, Nicole invests $96 every month in an annuity that pays 6% interest, compounded monthly. Payments will be made at the end of each month. Find the total value of the annuity in 20 years. Do not round any intermediate computations, and round your final

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.