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Thread: Loan at 3 rates.

  1. #1
    MHF Contributor
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    Loan at 3 rates.

    Methinks ya'll will have fun with this one!

    A loan of 10,000 dollars is set up this way:
    3 years: 36 monthly payments of SAME amount
    year#1 rate: 12% APR compounded monthly
    year#2 rate: 10% APR compounded monthly
    year#3 rate: 8% APR compounded monthly

    What's the monthly payment?
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  2. #2
    MHF Contributor
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    Re: Loan at 3 rates.

    HEY, nobody needs my loan?!!
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