Angela's bank gave her a 5-year add-on interest loan for $6,290 to pay for new equipment for her antiques restoration business. The annual interest rate is 5.04%. How much interest will she pay? What are her monthly payments?

Angela's bank gave her a 5-year add-on interest loan for $6,290 to pay for new equipment for her antiques restoration business. The annual interest rate is 5.04%. How much interest will she pay? What are her monthly payments?

Elementary Algebra

17th Edition

ISBN:9780998625713

Author:Lynn Marecek, MaryAnne Anthony-Smith

Publisher:Lynn Marecek, MaryAnne Anthony-Smith

Chapter3: Math Models

Section3.2: Solve Percent Applications

Problem 3.40TI: Susana invested a principal of $36,000 in her bank account with interest rate 6.5%. How much...

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Question

Angela's bank gave her a

5-year

add-on interest loan for

$6,290

to pay for new equipment for her antiques restoration business. The annual interest rate is

5.04%.

How much interest will she pay? What are her monthly payments?

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