Solution-Find size of monthly payments paul will be

Find size of monthly payments paul will be required to make

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Reference no: EM131556698

Question: PERSONAL LOANS Two years ago, Paul borrowed $10,000 from his sister Gerri to start a business. Paul agreed to pay Gerri interest for the loan at the rate of 6%/year, compounded continuously. Paul will now begin repaying the amount he owes by amortizing the loan (plus the interest that has accrued over the past 2 yr) through monthly payments over the next 5 yr at an interest rate of 5%/year compounded monthly. Find the size of the monthly payments Paul will be required to make.

Reference no: EM131556698

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Find size of monthly payments paul will be required to make : PERSONAL LOANS Two years ago, Paul borrowed $10,000 from his sister Gerri to start a business. Paul agreed to pay Gerri interest for the loan at the rate.

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Find size of monthly payments paul will be required to make

Reference no: EM131556698

Reference no: EM131556698

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