This months minimum payment if the principal is $27,300. The annual rate is 12% and the method for calculating minimum monthly payment is finance charge + $30 + 3.5% of principal.
This months minimum payment if the principal is $27,300. The annual rate is 12% and the method for calculating minimum monthly payment is finance charge + $30 + 3.5% of principal.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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This months minimum payment if the principal is $27,300. The annual rate is 12% and the method for calculating minimum monthly payment is finance charge + $30 + 3.5% of principal.
Transcribed Image Text:141:
= Homework: Section 8.3 Homework
iven below is the principal owed on a student loan last month, the annual interest rate, and the
Method for Calculating Minimum Monthly
Payment
finance charge + $30 +3.5% of principal
Principal
Annual Rate
$27 300
12%
This month's minimum payment is $.
(Round to the nearest cent as needed.)
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