Solution Library

Calculation Of Instalment For Loan

Question

John Doe borrowed $5,000 and agreed to repay the principal and interest at 15% compounded monthly in 25 equal monthly payments. The first payment is due in l½ years. How large is each payment?

Summary

The question belongs to Mathematics and it is about calculating the size of the payment for installment for a loan taken.

Total Word Count 26

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Comments

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    Giuseppe

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