Angela's bank gave her a 2-year add-on interest loan for $6,120 to pay for new equipment for her antiques restoration business. The annual interest rate is 8.28%. How much interest will she pay? What are her monthly payments? Question content area bottom Part 1 She will pay $enter your response here in interest on the loan. (Round to the nearest cent.) Part 2 Her monthly payments are $enter your response here. (Round to the nearest cent.)
Angela's bank gave her a 2-year add-on interest loan for $6,120 to pay for new equipment for her antiques restoration business. The annual interest rate is 8.28%. How much interest will she pay? What are her monthly payments? Question content area bottom Part 1 She will pay $enter your response here in interest on the loan. (Round to the nearest cent.) Part 2 Her monthly payments are $enter your response here. (Round to the nearest cent.)
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 14P
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Question
Angela's bank gave her a
2-year
add-on interest loan for
$6,120
to pay for new equipment for her antiques restoration business. The annual interest rate is
8.28%.
How much interest will she pay? What are her monthly payments?Question content area bottom
Part 1
She will pay
$enter your response here
in interest on the loan.(Round to the nearest cent.)
Part 2
Her monthly payments are
$enter your response here.
(Round to the nearest cent.)
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