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Example: Loan with an Odd First Period Plus Balloon. A $10,000 loan has 24 monthly payments of $400, plus a balloon payment of $3,000 at the end of the 24th month. If the payments begin in 8 days, what annual interest rate is being charged?
Select equation ODD.
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400& W 50:8/+((&(("
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v*12 = | Annual interest rate. |
Canadian Mortgages
In Canadian mortgages, the compounding and payment periods are not the same. Interest is compounded
1.Set End mode and store 12 Y.
14:Additional Examples 197
File name : | Print data : 2003/7/11 |