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Find the Periodic Payment R Required to Amortize a Loan

Question 70

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. Please round the answer to the nearest cent. ​
P = 130,000, r = 10.5, t = 25, m = 12


A) R = $1,227.29
B) R = $1,032.02
C) R = $1,227.44
D) R = $1,188.97
E) R = $1,230.12

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