If you borrow $29834 with an annual rate of 12% compounded monthly and make a payment of $403 every month, you will still owe $ (whole dollars) after 37 months. Remember, when you pay the bank, you round up, when the bank pays you, you round down.

If you borrow $29834 with an annual rate of 12% compounded monthly and make a payment of $403 every month, you will still owe $ (whole dollars) after 37 months. Remember, when you pay the bank, you round up, when the bank pays you, you round down.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....

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If you borrow $29834 with an annual rate of 12% compounded monthly and make a payment of $403 every month, you will still owe $
(whole dollars) after 37 months. Remember, when you pay the bank, you round up, when the bank pays you, you round
down.

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