Mark borrowed $12,372 to help pay for expenses. If the loan carries an annual interest rate of

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Mark borrowed $12,372 to help pay for expenses. If the loan carries an annual interest rate of 3.8% and he wants to be debt free in 2 years by making monthly payments, how much will each payment be?

Round your answer to the nearest dollar.

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Personal Finance

ISBN: 978-0134724713

4th Canadian edition

Authors: Jeff Madura, Hardeep Singh Gill

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Posted Date: Mar 16, 2024 01:31 PM

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Mark borrowed $12,372 to help pay for expenses. If the loan carries an annual interest rate of

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To calculate the monthly payment amount we can use the formula f... View the full answer

Personal Finance

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