Problema loan of 25000 is repaid with monthly payments of, Ask an Expert

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Problem:

A loan of $25,000 is repaid with monthly payments of $500 at the end of each month, and a smaller final payment one month after the last regular payment, at a nominal interest rate of i^(12) = 0.06.

Required:

Question: Find the outstanding loan balance, when the borrower has made payments equal to the amount of the loan.

Note: Be sure to show how you arrived at your answer.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91162712

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