Question
Stephanie gets a small business loan for $75,000 to start her hair salon. She will repay the loan with equal monthly payments over 5 years
Stephanie gets a small business loan for $75,000 to start her hair salon. She will repay the loan with equal monthly payments over 5 years at 8.4% per year, compounded monthly.
a) What is Stephanie's monthly loan payment?
b) What is the total amount Stephanie repays?
c) How much of the amount repaid is interest?
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Fundamentals of Investments Valuation and Management
Authors: Bradford D. Jordan, Thomas W. Miller
5th edition
978-007728329, 9780073382357, 0077283295, 73382353, 978-0077283292
