Loan repayment. If you borrow $ 5 , 400 and repay the loan by paying $ 300 per month to reduce the loan and 1.5 % of the unpaid balance each month for the use of the money, what is the total cost of the loan over 18 months?
Loan repayment. If you borrow $ 5 , 400 and repay the loan by paying $ 300 per month to reduce the loan and 1.5 % of the unpaid balance each month for the use of the money, what is the total cost of the loan over 18 months?
Solution Summary: The author explains how the total cost of a loan over the given period of time is 769.50.
Loan repayment. If you borrow
$
5
,
400
and repay the loan by paying
$
300
per month to reduce the loan and
1.5
%
of the unpaid balance each month for the use of the money, what is the total cost of the loan over
18
months?
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