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Howard borrows $3,400 for 6 months (0.5 years). The annual interest rate r = 6%. The 6 equal payments are made at the end of
Howard borrows $3,400 for 6 months (0.5 years). The annual interest rate r = 6%. The 6 equal payments are made at the end of the month. Use the TVM Financial Calculator for (a), (c) and (d). ENTER: t = 0.5 m= 12 (a) Compute monthly loan payment R. (b) Complete the table. Round to nearest cent. Month Dollar Interest Balance plus Interest Monthly Payment Balance at Start of Month $3,400 Balance at End of Month 1 2 3 4 5 -0- 6 (c) Compute dollar interest accrued over the 6-month period. (d) Compute the sum of the monthly payments
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