Solve it correctly and not use of excel.Not wrong the solution gives Find the monthly interest payment in the situation belowVic bought a new plasma TV for $2100 He made a down payment of $700 and then financed the balance through the store. Unfortunately, he was unable to makethe first monthly payment and now pays 6% interest per month on the balance (while he watches his TV)What is Vic's monthly interest payment?$(Round to the nearest dollar as needed.)

Interest payment is the payment of amount which has been charged by the lender of the money on the…

Answered: What is Vic's monthly interest payment?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 6.3% and a monthly payment of $703.50. After 4 years, Angela decides to purchase a new car. What is the payoff on Angela's loan? * O $8,442.00 O $8,160.84 O $8,150.84 O $8,165.74 Suppose an unpaid bill for $320 had a due date of April 10. A purchase of $28 was made on April 12, and $125 was charged on April 24. A payment of $65 was made on April 15. The next billing date is May 10. The interest on the average daily balance is 2.5% per month., what is the finance charge on the May 10 bill? * O $5.48 O $8.97 O $8.90 O $9.00
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