Answer to Question #150552 in Financial Math for Elfrida

Question

In order to finance your education, you take a loan of 15,000 from the bank with interest rate of 36% per annum compounded monthly and maturity of 1 year. How much must the monthly installment be to fully amortize the loan if payments are made in I) arrears II) advance iii) produce the amortization schedule of his loan

Answer 1

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