Answer
$1111.37
Work Step by Step
PV=150000
i=$\frac{0.05}{12}$
n=15(12)
PMT=$[150000-20000(1+\frac{0.05}{12})^{-15(12)}][\frac{\frac{0.05}{12}}{1+(1+\frac{0.05}{12})^{-15(12)}}]$=$1111.37
Finite Math and Applied Calculus (6th Edition)
by Waner, Stefan; Costenoble, Steven
Published by
Brooks Cole
ISBN 10:
1133607705
ISBN 13:
978-1-13360-770-0
Chapter 2 - Section 2.3 - Annuities, Loans, and Bonds - Exercises - Page 156: 24
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