Repaid in uniform series of payments

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Reference no: EM131555456

A $25,000 20-year loan with a nominal interest rate of 12% compounded monthly is to be repaid in a uniform series of payments of $275 per month (for 240 months). The borrower wants to know how many payments, N, he will have to make until he owes only half of the amount borrowed initially. *Answer should be 179 months.

Reference no: EM131555456

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