Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Transcribed Image Text:4. A loan is being amortized by means of level monthly payments at an annual nominal rate of 9%
compounded monthly. The amount of principal repaid in the 12th payment is 1000 and the
amount of principal repaid in the tth payment is 3700.
Calculate t.
(a) 176
Answer:
(b) 187
(c) 195
(d) 204
(e) 212
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