Ans 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 calculate the finance charge on Rachel's loan, we need to determine the total amount she will pay…

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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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.