Mock wants to add a small hair salon to her home. The addition will cost $12,100. She will make a down payment of $2000 and finance the balance at 10.9% interest for 5 years (60 months). Find the monthly payment using a calculator Round your answer to the nearest cent. The monthly payment is

Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
Section: Chapter Questions
Problem 27M
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Jill Mock wants to add a small hair salon to her home. The addition will cost $12,100. She will make a down payment of $2000 and finance the balance at
10.9% interest for 5 years (60) months). Find the monthly payment using a calculator Round your answer to the nearest cent.
The monthly payment is S
X
Transcribed Image Text:Jill Mock wants to add a small hair salon to her home. The addition will cost $12,100. She will make a down payment of $2000 and finance the balance at 10.9% interest for 5 years (60) months). Find the monthly payment using a calculator Round your answer to the nearest cent. The monthly payment is S X
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