SOLVED: Consider the publicly held debt of 5.0 trillion in 2006. Usethe loan payment formula to determine the annual payments needed topay this debt off in 12 years. Assume an annual interest rate of4%.
SOLVED: Consider the publicly held debt of 5.0 trillion in 2006. Usethe loan payment formula to determine the annual payments needed topay this debt off in 12 years. Assume an
VIDEO ANSWER: We want to figure out the periodic payments on the loan or mortgage. We have 1 million borrowed at 4% for 20 years and have quarterly payments. I…
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