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Find the periodic payment r required to amortize a loan of p

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Question 1: Find the periodic payment R required to amortize a loan of P dollars over t yr with interest charged at the rate of r%/year compounded m times a year. (Round your answer to the nearest cent.)

P = 50,000, r = 4, t = 15, m = 2

Reference no: EM132505270

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