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A student takes out a college loan of $5000 at an annual percentage rate of 3%, compounded monthly a. If the student makes payments
A student takes out a college loan of $5000 at an annual percentage rate of 3%, compounded monthly a. If the student makes payments of $1000 per month, how much, to the nearest dollar, does the student owe after 4 months? Don't round until the end. b. After how many months will the loan be paid off?
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Construction accounting and financial management
Authors: Steven j. Peterson
2nd Edition
135017114, 978-0135017111
