Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 21P
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Question
Consider a loan of 25000 for a period of 30 years at a fixed apr of 9.5% the monthly payment is
Expert Solution
Step 1
Given information:
Loan amount is 25,000
APR is of 9.5%
Number of years (period) is 30
Step 2
Calculation of monthly payment:
Excel workings:
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