Answered: Compute the monthly payment on a…

Compute the monthly payment on a $65,000 loan if the principal and interest are to be repaid in 84 equal installments with the first payment due one month from now. The annual interest rate is 8.50%.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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Compute the monthly payment on a $65,000 loan if the principal and interest are to be repaid in 84 equal installments with the first payment due one month from now. The annual interest rate is 8.50%.

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