A loan of 25000 is repaid with the monthly payments of 500, Ask an Expert

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A loan of $25,000 is repaid with the monthly payments of $500 at the end of each month, and smaller final payment one month after the last regular payment, at the nominal interest rate of i(12) = 0.06. Compute the outstanding loan balance, when the borrower has made payments equal to the amount of the loan.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91145370

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