A loan's quirky terms require the first payment to be made at the moment the money is lent. Payments are $39 every month, the monthly interest rate is 0.85%, and the loan is paid off in equal payments over 6 years. How much money was borrowed? Answer and round to the nearest cent.
A loan's quirky terms require the first payment to be made at the moment the money is lent. Payments are $39 every month, the monthly interest rate is 0.85%, and the loan is paid off in equal payments over 6 years. How much money was borrowed? Answer and round to the nearest cent.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:A loan's quirky terms require the first payment to be made at the moment the money is lent.
Payments are $39 every month, the monthly interest rate is 0.85%, and the loan is paid off in equal
payments over 6 years. How much money was borrowed? Answer and round to the nearest cent.
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