What is Vic's monthly interest payment?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 11RE: Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the...
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Solve it correctly and not use of excel.
Not wrong the solution gives
Transcribed Image Text:Find the monthly interest payment in the situation below
Vic 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 make
the 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.)
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