What is the amount of the monthly payment for wiggley

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Reference no: EM131920619

Problem

Mr. Wiggley wants to buy a new house. It will cost $178,000. The bank will loan 90% of the purchase price at a nominal interest rate of 10.75% compounded weekly, and Mr. Wiggley will make monthly payments. What is the amount of the monthly payment if he intends to pay the house off in 25 years?

Reference no: EM131920619

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