You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) Loan Payment Payment Period Term of Loan (years) Nominal Rate (%) Present Value (Amount of Loan) $  every month 1 1 4 6 $30,000

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
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You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.)
Loan
Payment
Payment
Period
Term of
Loan (years)
Nominal
Rate (%)
Present Value
(Amount of Loan)
every month
1
1
4
6 $30,000
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