2. What is the monthly payment for a loan of 100,000 over 5 yea nominal interest rate is 12% compounded monthly?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
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2. What is the monthly payment for a loan of 100,000 over 5 years if th
nominal interest rate is 12% compounded monthly?
2-b. What is the annual payment in question 2?
Transcribed Image Text:2. What is the monthly payment for a loan of 100,000 over 5 years if th nominal interest rate is 12% compounded monthly? 2-b. What is the annual payment in question 2?
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