Contemporary Engineering Economics 6th Edition by Chan Park

تمرين 56

A loan of $ 10,000 is to be financed over a period of 24 months. The agency quotes a nominal rate of 8% for the first 12 months and a nominal rate of 9% for any remaining unpaid balance after 12 months, which is compounded monthly. Based on these rates, what equal end-of-the-month payment for 24 months would be required to repay the loan with interest