Question
If a person borrows $ 13,200 and agrees to repay the loan at $ 200 per month to reduce the loan and 1% of the
If a person borrows $ 13,200 and agrees to repay the loan at $ 200 per month to reduce the loan and 1% of the unpaid balance each month for using the money, what is the total cost of the loan for 66 months? Show procedures with corresponding formula.
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
16th edition
125927716X, 978-1259687969, 1259687961, 978-1259277160
