Mary needs to repay a $12,000 debt. Her bank offers personal loans with terms from one to five years at 9.25% per year, compounded monthly. a) Determine the monthly payment for a three-year term b ) Calculate the total Interest paid on the loan. c) determine marry's payment if she chooses to make bi- weekely payments
Mary needs to repay a $12,000 debt. Her bank offers personal loans with terms from one to five years at 9.25% per year, compounded monthly. a) Determine the monthly payment for a three-year term b ) Calculate the total Interest paid on the loan. c) determine marry's payment if she chooses to make bi- weekely payments
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Mary needs to repay a $12,000 debt. Her
bank offers personal loans with terms from one to five years at 9.25% per year, compounded monthly.
a) Determine the monthly payment for a three-year term
b ) Calculate the total Interest paid on the loan.
c) determine marry's payment if she chooses to make bi- weekely payments
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