Michael wants to buy some new exercise equipment for his home gym for $312,000 financed at an annual interest rate of 13% using the add-on method. If Michael wants to pay off the loan in 4 years, what will be his monthly payment?
Michael wants to buy some new exercise equipment for his home gym for $312,000 financed at an annual interest rate of 13% using the add-on method. If Michael wants to pay off the loan in 4 years, what will be his monthly payment?
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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Michael wants to buy some new exercise equipment for his home gym for
$312,000
financed at an annual interest rate of
13%
using the add-on method. If Michael wants to pay off the loan in
4
years, what will be his monthly payment?Question content area bottom
Part 1
His monthly payments are
$enter your response here.
(Round to the nearest cent as needed.)
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