yusra has a term loan that she still owes $13,560.36. The annual interest rate on this loan is 3.77%. This month she is making payment 41. Her monthly payment is $437. How much will her balance be after she makes this month's payment?

yusra has a term loan that she still owes $13,560.36. The annual interest rate on this loan is 3.77%. This month she is making payment 41. Her monthly payment is $437. How much will her balance be after she makes this month's payment?

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter6: Using Credit

Section: Chapter Questions

Problem 3FPE

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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

Question

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yusra has a term loan that she still owes
$13,560.36. The annual interest rate on this
loan is 3.77%. This month she is making
payment 41. Her monthly payment is $437.
How much will her balance be after she makes
this month's payment?
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