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Suppose you borrow $2300 at a 21% annual interest rate, compounded monthly (1.75% each month). At the end of each month, you make a
Suppose you borrow $2300 at a 21% annual interest rate, compounded monthly (1.75% each month). At the end of each month, you make a $125 payment. Use this information to complete the table below. Round to the nearest cent as needed. Month Prior Balance 1.75% Interest on Prior Balance Monthly Payment Ending Balance 1 $2300 2 $2300 $ $125 S $ 3 S $ $125 $ 4 S $37.26 $125 2041.28 5 $2041.28 $ $125
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Personal Finance
Authors: Jeff Madura, Hardeep Singh Gill
4th Canadian edition
134724712, 134724713, 9780134779782 , 978-0134724713
