Find the periodic payment R required to amortize a loan of P dollars over t years...

Find the periodic payment R required to amortize a loan of P dollars over t years with interest charged at the rate of r%/year compounded m times a year. (Round your answer to the nearest cent.)

a. P = 50,000, r = 4, t = 15, m = 4

b. P = 90,000, r = 3.5, t = 17, m = 12'

c. P = 120,000, r = 5.5, t = 29, m = 4

Expert Solution

Colby Messinger answered 1 year ago

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