Question
You are offered a line of credit that requires a minimum 3% repayment of principle each month at an interest rate of 3.6%, compounded monthly.
You are offered a line of credit that requires a minimum 3% repayment of principle each month at an interest rate of 3.6%, compounded monthly. If you draw down $8,000 on the line, what will be the second month's payment?
$256
$329
$264
$466
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Contemporary Business Mathematics With Canadian Applications
Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday
12th Edition
0135285011, 978-0135285015
