A loan of $28,500 is repaid by payments of $725 at the end of every month. Interest is 3.4% compounded monthly. What is the size of the final payment?
A loan of $28,500 is repaid by payments of $725 at the end of every month. Interest is 3.4% compounded monthly. What is the size of the final payment?
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 6FPE
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A loan of $28,500 is repaid by payments of $725 at the end of every month. Interest is 3.4% compounded monthly. What is the size of the final payment?
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