Use a calculator to evaluate the amortization formula m =  P   r n   1 −   1 +  r n   −nt   for the values of the variables P, r, and t (respectively). Assume n = 12. (Round your answer to the nearest cent.) $150,000; 8%; 30 yr

Essentials Of Investments
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ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
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Chapter1: Investments: Background And Issues
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Use a calculator to evaluate the amortization formula

m = 
P
 
r
n
 
1 − 
 
1 + 
r
n
  −nt
 

for the values of the variables P, r, and t (respectively). Assume n = 12. (Round your answer to the nearest cent.)

$150,000; 8%; 30 yr
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