Question
You miss the 13th to 15th payment of a loan. The loan payments are $344.86 each month, and the interest rate is 3.85% compounded annually.
You miss the 13th to 15th payment of a loan. The loan payments are $344.86 each month, and the interest rate is 3.85% compounded annually. How much are you behind in your payments on the day that you miss the 15th payment?
You are behind in your payments. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Please answer with steps involved for calculation
You miss the 13th to 15th payment of a loan. The loan payments are $344.86 each month, and the interest rate is 3.85% compounded annually. How much are you behind in your payments on the day that you miss the 15th payment? You are behind in your payments. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)Step by Step Solution
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Analysis for Financial Management
Authors: Robert C. Higgins
10th edition
007803468X, 978-0078034688
