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

Subject: Business    / Finance
Question
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