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  3. 2. an amortized loan requires 500 end of month pay

2. An amortized loan requires 500 end of month payments of 1, 2, 3, 4,...

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2. An amortized loan requires 500 end of month payments of 1, 2, 3, 4, ..., 499, 500. The nominal interest rate is 6% convertible monthly. Find the outstanding balance of the loan immediately after the 5th payment. (a) 29327.36 (b) 28619.77 (c) 29342.46 (d) 30514.11 (e) 31589.03 2. An amortized loan requires 500 end of month payments of 1, 2, 3, 4, ..., 499, 500. The nominal interest rate is 6% convertible monthly. Find the outstanding balance of the loan immediately after the 5th payment. (a) 29327.36 (b) 28619.77 (c) 29342.46 (d) 30514.11 (e) 31589.03

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