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.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 14P
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​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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