56.subject:- accounting Use the appropriate amortization formula to find (a) the monthly (n=12) payment on a loan with the given conditions and (b) the total interest that will be paid during the term of the loan$12,300 is amortized over 4 years at an interest rate of 6.6%(a) The monthly payment is $(Round to the nearest cent.)(b) The total interest paid is $(Round to the nearest cent)

Amortization means the amount of Principal and interest paid each month over the course of your loan…

Answered: Use the appropriate amortization…

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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