Proud Papa took out a loan for $15,000 for his daughter’s wedding. He can borrow the money from a bank that charges 5.25%. How much is Papa’s monthly payment if he plans to pay off the loan in 5 years?      $284.79       $525.25       $787.50       $15,000.50

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 19E
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Proud Papa took out a loan for $15,000 for his daughter’s wedding. He can borrow the money from a bank that charges 5.25%. How much is Papa’s monthly payment if he plans to pay off the loan in 5 years?

    
$284.79
     
$525.25
     
$787.50
     
$15,000.50

 

 

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