Question
1.) Find the monthly interest payment in the situation below. Assume that monthly interest rates are of annual interest rates. Veronica owes a clothing store
1.) Find the monthly interest payment in the situation below. Assume that monthly interest rates are 
of annual interest rates. Veronica owes a clothing store $1600, but until she makes a payment, she pays 6% interest per month.
What is Veronica's monthly interest payment?
2.) Find the monthly interest payment in the situation below. Assume that monthly interest rates are 
of annual interest rates.Vic bought a new plasma TV for$2000. He made a down payment of $100 and then financed the balance through the store. Unfortunately, he was unable to make the first monthly payment and now pays 5% interest per month on the balance (while he watches his TV).
What is Vic's monthly interest payment?
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Auditing The Art And Science Of Assurance Engagements
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Ingrid B. Splettstoesser-Hogeterp
11th Edition
0132088061, 978-0132088060
