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Lada Lada
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7 years ago
A $15 000.00 loan requires payments at the end of each month for five years. If the interest rate on the loan is 12% compounded monthly, calculate the size of each payment.
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
7 years ago
PV = 15000.00; n = 5(12) = 60; i =   = 1% = 0.01
PV = PMT
15000 = PMT
15000 = PMT[44.95503841]
PMT =   = $333.67
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