Manning took out a $300,000 loan payable in twenty five years with the following stipulations:...
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Manning took out a $300,000 loan payable in twenty five years with the following stipulations: (i) For the first ten years, the nominal annual rate of discount convertible quar- terly is 3%. Thereafter, the nominal annual rate of interest is 6% convertible semiannually. (ii) Manning should make payments of $M at the end of each month for the first ten years, and then $2M thereafter. Please use actuary notation not excel notation. It's asking for the amount of M in order to pay the loan completely.
Manning took out a $300,000 loan payable in twenty five years with the following stipulations:
(i) For the first ten years, the nominal annual rate of discount convertible quar- terly is 3%. Thereafter, the nominal annual rate of interest is 6% convertible semiannually.
(ii) Manning should make payments of $M at the end of each month for the first ten years, and then $2M thereafter.
Please use actuary notation not excel notation.
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