A loan of $150,000 is repaid by equal installments at the end of each month,...
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Accounting
A loan of $150,000 is repaid by equal installments at the end of each month, for 25 years. Given that the nominal annual rate of interest, convertible semiannually, is 8%, compute the amount of monthly installment.
Please help me and show each calculation, not using Excel!! The correct answer is $1,144.82.
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