You wish to buy a $9,700 dining room set. The furniture store offers you a 2-year loan with an APR of 9 percent. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
You wish to buy a $9,700 dining room set. The furniture store offers you a 2-year loan with an APR of 9 percent. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Chapter7: Credit Cards And Consumer Loans
Section: Chapter Questions
Problem 2DTM
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Question
You wish to buy a $9,700 dining room set. The furniture store offers you a 2-year loan with an APR of 9 percent. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
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