Suppose You Take Out A \$15,000 Loan At A 8% Nominal Annual Rate

Suppose you take out a \$15,000 loan at a 8% nominal annual rate. The terms of the loan require you to make 12 equal end-of-month payments each year for 5 years and then an additional balloon payment of \$5,000 at the end of the last month. What will your equal monthly payment be? Show your work or describe how you solved it. MZG2GIT posted a question· Oct 23, 2012 at 11: 38am

Suppose You Take Out A \$15,000 Loan At A 8% Nominal Annual Rate.

Suppose you take out a \$15,000 loan at a 8% nominal annual rate. The terms of the loan require you to make 12 equal end-of-month payments each year for 5 years and then an additional balloon payment of \$5,000 at the end of the last month. What will your equal monthly payment be? Show your work or describe how you solved it.

Suppose You Take Out A \$15,000 Loan At A 8% Nominal Annual Rate.

Suppose you take out a \$15,000 loan at a 8% nominal annual rate. The terms of the loan require you to make 12 equal end-of-month payments each year for 5 years and then an additional balloon payment of \$5,000 at the end of the last month. What will your equal monthly payment be? Show your work or describe how you solved it.