You borrow $80,000. You make monthlyrepayments over the next three years at a monthlyinterest rate of 3%. What is the amount of eachmonthly repayment?a. $3,664.30b. $28,282.43c. $2,326.50d. $26,800.11

Answered: You borrow $80,000. You make monthly…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5Q: If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the...

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You borrow $80,000. You make monthly repayments over the next three years at a monthly interest rate of 3%. What is the amount of each monthly repayment? a. $3,664.30 b. $28,282.43 c. $2,326.50 d. $26,800.11