Monthly Payment Assignment | Assignment Help Services

Consider a three-year loan (so we’ll assume the numbers 1 through 36) for $5,000 with interest at 10% per year. Using standard amortization, the monthly payment is $161.33. In this example, we will not worry about exact or ordinary interest because the total interest to be paid is $808.13. After the fifth month the borrower decides to prepay the whole loan. Under a standard amortization …

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