Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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Question

Three years ago, Pete took out a loan of $55,000.  The loan was taken out for 10 years with an interest rate of 6% and Pete has been making regular monthly payments of $611.  What is the remaining balance (to the nearest dollar) on Pete's loan?

The answer is NOT  Either $42,511.42 or $42,511.41

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