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What amortization payment would you need to make every month, at 12% interest compounded monthly, to pay off a loan of $8,500 in 3 years? a. $3,538.97 b. $282.32 c. $197.32 d. $279.53

What amortization payment would you need to make every month, at 12% interest compounded monthly, to pay off a loan of $8,500 in 3 years? a. $3,538.97 b. $282.32 c. $197.32 d. $279.53

Corporate Fin Focused Approach
Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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What amortization payment would you need to make every month, at 12% interest compounded monthly, to pay off a loan of $8,500 in 3 years? a. $3,538.97 b. $282.32 c. $197.32 d. $279.53
Transcribed Image Text:What amortization payment would you need to make every month, at 12% interest compounded monthly, to pay off a loan of $8,500 in 3 years? a. $3,538.97 b. $282.32 c. $197.32 d. $279.53
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