Ramon is approved for a 8 year loan of 45,000 at nominal rate of interest...
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Accounting
Ramon is approved for a 8 year loan of 45,000 at nominal rate of interest convertible semiannually of 8.2432 percent. He will be making monthly payments at the end of each month.
a. What is his monthly payment?
b. Find his balance of debt at the end of the fifth year after his payment.
c. What is the interest in the 60th payment?
d. What is the principal paid in the 59th payment?
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