Question

Asked Oct 16, 2019

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Find the periodic payment *R* required to amortize a loan of *P* dollars over *t* years with interest charged at the rate of *r*%/year compounded *m* times a year. (Round your answer to the nearest cent.)

Step 1

From the given information it is needed to calculate the periodic payment to amortize a loan.

The given information is:

**Principal (P) = 60000**

**Rate(r) = 3%=0.03**

**Time (t) = 15 years **

**m=12**

**n=15×12=180**

Step 2

Use the below mention formula to calculate the desired result:

Step 3

Now, put the values in t...

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