Ans please Rachel took out a personal loan for$4,500 with a monthly payment of$173.06 for 36 months. Determinethe finance charge on Rachel's loanif she takes all 36 months to pay itoff.

To determine the finance charge on Rachel's loan, follow these steps: Given:Loan amount (principal)…

Answered: Rachel took out a personal loan for…

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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Rachel took out a personal loan for $4,500 with a monthly payment of $173.06 for 36 months. Determine the finance charge on Rachel's loan if she takes all 36 months to pay it off.
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Please given answer general accounting

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Rachel took out a personal loan for $4,500 with a monthly payment of $173.06 for 36 months. Determine the finance charge on Rachel's loan if she takes all 36 months to pay it off.