A $200,000 loan is to be repaid over 20 years in equal monthly installments of $M
Chapter 0, Problem 74(choose chapter or problem)
A $200,000 loan is to be repaid over 20 years in equal monthly installments of $M, beginning at the end of the first month. Find the monthly payment if the loan is at an annual rate of 9%, compounded monthly. [Hint: Find an expression for the present value of the sum of all of the monthly payments, set it equal to $200,000, and solve for M.]
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