A Student loan totals $30,000 at graduation. The nominal interest rate is 12% compounded monthly, and there will be 32 payments beginning 1 month after graduation. What is the monthly payment? What is owed after the first 2 years of payments? Please show work clearly, and cash flow diagram..
A Student loan totals $30,000 at graduation. The nominal interest rate is 12% compounded monthly, and there will be 32 payments beginning 1 month after graduation. What is the monthly payment? What is owed after the first 2 years of payments? Please show work clearly, and cash flow diagram..
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 31P
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A Student loan totals $30,000 at graduation. The nominal interest rate is 12% compounded monthly, and
there will be 32 payments beginning 1 month after graduation. What is the monthly payment? What is
owed after the first 2 years of payments? Please show work clearly, and cash flow diagram..
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