A couple wants to start a business which needs a capital of $190,000. They decided to approach PNC bank who offered to provide the needed capital at 7% compounded monthly for 15 years. How much should the couple pay monthly if they want to clear the loan in 15 years?
A couple wants to start a business which needs a capital of $190,000. They decided to approach PNC bank who offered to provide the needed capital at 7% compounded monthly for 15 years. How much should the couple pay monthly if they want to clear the loan in 15 years?
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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A couple wants to start a business which needs a capital of $190,000. They decided to approach PNC bank who offered to provide the needed capital at 7% compounded monthly for 15 years. How much should the couple pay monthly if they want to clear the loan in 15 years?
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