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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
Transcribed Image Text: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
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