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is this months minimum payment due if the principal is $18,300 The annual rate is 15% and the method for calculating minimum monthly payment is finance charge + 2% of principal.

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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What is this months minimum payment due if the principal is $18,300 The annual rate is 15% and the method for calculating minimum monthly payment is finance charge + 2% of principal.

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