Brett takes out a 40000 loan over 5 years at 9 annual, Ask an Expert

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Brett takes out a 40,000 loan over 5 years at 9% annual nominal, convertible monthly. His monthly payments are X.

When the balance is 33,316 he refinances to 1% convertible monthly and his payments remain at X.

What is the total number of payments including the final smaller payment?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92708553

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