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A loan of $10,000 is to be financed over a period of 24 months. The agency quotes a nominal interest rate of 8% for the first 12 months and a nominal interest rate of 10% for any remaining unpaid balance after 12 months, with both rates compounded monlthy. At these rates, what equal end of the month payment for 24 months would be required in order to repay the loan?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9695448

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