Place the following values into a financial calculator: N = 60, i/y = 8/12, PV = 30000, FV = 0, and compute PMT. Note, 5 years times 12 months per year equals 60 months. The nominal rate of 8% must be divided by 12 to find the monthly periodic rate of 0.6666667%. ...
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fSolve time value of money problems when compounding periods are other than annual.Draw a time line and solve time value of money applications (for example, mortgages and savings for college tuition or retirement).Place the following values into a financial calculator: N = 60, i/y = 8/12,...