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Chapter 3 Mathematics of Finance - page 16 / 20

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Barnett/Ziegler/Byleen Finite Mathematics 12e

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Amortization Schedule Solution

If you borrow $500 that you agree to repay in six equal monthly payments at 1% interest per month on the unpaid balance, how much of each monthly payment is used for interest and how much is used to reduce the unpaid balance?

Solution: First, we compute the required monthly payment using the formula

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