A person borrows 6000 Dollar and agrees to repay the loan in monthly installments over 5 years the agreement is to pay 1% of the unpaid balance each month for using the money and 100 DOLLARS each month to reduce the loan What is the total cost of the loan over 5 years?

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 16E
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A person borrows 6000 Dollar and agrees to repay the loan in monthly installments over 5 years the agreement is to pay 1% of the unpaid balance each month for using the money and 100 DOLLARS each month to reduce the loan What is the total cost of the loan over 5 years?
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