Question
A debt of $6,500.00 is repaid in equal monthly installments over 4 years. The interest rate is 9% and compounded monthly. a. What is the
A debt of $6,500.00 is repaid in equal monthly installments over 4 years. The interest rate is 9% and compounded monthly.
a. What is the size of the monthly payment?
b. What will be the total cost of borrowing?
c. What is the outstanding balance after 1 years?
d. How much is the 30th payment is interest?
P.S. i need a detailed answer please.
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Creative Accounting, Fraud And International Accounting Scandals
Authors: Michael J. Jones
1st Edition
0470057653, 9780470057650
