Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 17P
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Question
Karen obtained a $26,000 loan at 4.6% compounded semiannually.
a-1. What monthly payment will repay the loan in 8 1/2 years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Monthly payment $
a-2. How much interest will Karen pay over the life of the loan? (Round intermediate calculations to 2 decimal places and round your final answer to the nearest dollar.)
Total interest $
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