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You borrow an amount at a monthly compounded rate of 12%. You must repay the loan by making 200 regular monthly payments of $600
You borrow an amount at a monthly compounded rate of 12%. You must repay the loan by making 200 regular monthly payments of $600 each, plus an irregular payment of $1000. If the first of the 200 monthly payments is made exactly in one month from now, and the irregular payment of $1000 is made at the same time as the last monthly payment, what would be the borrowed amount? Multiple Choice $51935.50 $65879.25 $53245.65 $49587.32 4
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