14) A loan of $8000 is to be repaid with monthly payments for three years at 12% interest compounded monthly. Calculate the monthly payment. A) $211.37 8000/127 C B) $265.71 C) $264.38 D) $237.00 E) none of these

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 22PROB
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19) A loan of $8000 is to be repaid with monthly payments for three years at 12% interest compounded
monthly. Calculate the monthly payment.
C
A) $211.37
8000/127
B) $265.71
C) $264.38
D) $237.00
E) none of these
Transcribed Image Text:19) A loan of $8000 is to be repaid with monthly payments for three years at 12% interest compounded monthly. Calculate the monthly payment. C A) $211.37 8000/127 B) $265.71 C) $264.38 D) $237.00 E) none of these
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