Supposeyou graduatewith a debtof $42,000 that youor
Chapter , Problem 6-71(choose chapter or problem)
Supposeyou graduatewith a debtof $42,000 that youor someone must repay. One option is to pay off thedebt in constant amounts at the beginning of eachmonth over the next 10 years at a nominal annualinterest rate of 10%.(a)What is the constant beginning-of-month pay-ment?(b)Of the first payment, what is the interest and theprincipal paid?(c)Of the last payment, what is the interest and theprincipal paid?
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