Answered: Calculate the monthly payment by using…

Calculate the monthly payment by using the loan amortization table: (Round your answer to the nearest cent.) Loan $8,500 Down Payment $2,000 Time 48months Rate 10.5% Monthly Payment

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

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

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

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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Question

Calculate the monthly payment by using the loan amortization table: (Round your answer to the nearest cent.)

Loan	$8,500
Down Payment	$2,000
Time	48months
Rate	10.5%

Monthly Payment

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