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Suppose you take out a \$15,000 loan at a 8% nominal annual rate. Suppose you take out a \$15,000 loan at a 8% nominal annual rate. The terms of the loan require you to make 12 equal end-of-month payments each year for 5 years and then an additional balloon

Suppose you take out a \$15,000 loan at a 8% nominal annual rate. The terms of the loan require you to make 12 equal end-of-month payments each year for 5 years and then an additional balloon payment of \$5,000 at the end of the last month. What will your equal monthly payment be? Show your work or describe how you solved it.

Suppose you take out a \$15,000 loan at a 8% nominal annual rate. The terms of the loan require you to make 12 equal end-of-month payments each year for 5 years and then an additional balloon payment of \$5,000 at the end of the last month. What will your equal monthly payment be? Show your work or describe how you solved it.

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