You want to borrow $65000 from your local bank to buy a new sailboat for 5...

You want to borrow $65000 from your local bank to buy a new sailboat for 5 years. The rate of interest for the loan is 12% p.a. compounded monthly? Which equation is correct below related to this question if C is the monthly payment?

Select one:

a. 65000=C/0.1265000=C/0.12

b. None of these

c. 65000=(C/0.12)∗(1−1/(1+0.12)(60))65000=(C/0.12)∗(1−1/(1+0.12)(60))

d. (65000=(C/0.01)∗(1−1/(1+0.01)(60))

Expert Solution

jeff jeffy answered 2 years ago

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