You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) Loan Payment Payment Period Term of Loan (years) Nominal Rate (%) Present Value (Amount of Loan) $ 2,582 every month 1 1 4 6 $30,000
You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) Loan Payment Payment Period Term of Loan (years) Nominal Rate (%) Present Value (Amount of Loan) $ 2,582 every month 1 1 4 6 $30,000
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.)
| Loan Payment |
Payment Period |
Term of Loan (years) |
Nominal Rate (%) |
(Amount of Loan) |
||
|---|---|---|---|---|---|---|
| $ 2,582 | every month |
1
|
6 | $30,000 |
loan payment wrong needs correction
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