Multiple Choice
Find the periodic payment R required to amortize a loan of P dollars over t years with interest earned at the rate of r%/year compounded m times a year. Round your answer to the nearest cent.
P = 23,000, r = 3, t = 12, m = 3
A) R = $763.93
B) R = $799.41
C) R = $706.58
D) R = $740.40
Correct Answer:
Verified
Correct Answer:
Verified
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