loan of 1000 at a nominal rate of 12 percent convertible monthly is to be repaid by six monthly payments with the first payment due at the end of 1 month. The first three payments are x each, and the final three payments are 3x each. Determine the sum of the principal repaid in the third payment and the interest paid in the fifth payment. Without using excel please
loan of 1000 at a nominal rate of 12 percent convertible monthly is to be repaid by six monthly payments with the first payment due at the end of 1 month. The first three payments are x each, and the final three payments are 3x each. Determine the sum of the principal repaid in the third payment and the interest paid in the fifth payment. Without using excel please
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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A loan of 1000 at a nominal rate of 12 percent convertible monthly is to be repaid by six monthly payments with the first payment due at the end of 1 month. The first three payments are x each, and the final three payments are 3x each.
Determine the sum of the principal repaid in the third payment and the interest paid in the fifth payment.
Without using excel please
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