A loan of 500,000 is repaid with 12n equal end of month payments of X. The total amount of principal paid in the nth year is 51308. 042 53. The nominal rate of interest is 3.96% convertible monthly....

A loan of 500,000 is repaid with 12n equal end of month<br>payments of X. The total amount of principal paid in the nth year is 51308.<br>042 53. The nominal rate of interest is 3.96% convertible monthly. Find the<br>total interest paid during the life of the loan.<br>

Extracted text: A loan of 500,000 is repaid with 12n equal end of month payments of X. The total amount of principal paid in the nth year is 51308. 042 53. The nominal rate of interest is 3.96% convertible monthly. Find the total interest paid during the life of the loan.

Jun 09, 2022

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A loan of 500,000 is repaid with 12n equal end of month payments of X. The total amount of principal paid in the nth year is 51308. 042 53. The nominal rate of interest is 3.96% convertible monthly....

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