?? What amortization payment wouldyou need to make every month, at12% interest compounded monthly,to pay off a loan of $8,500 in 3 years?a. $3,538.97b. $282.32c. $197.32d. $279.53

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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