Ralph has just borrowed $1800 to purchase a new stereo, at a nominal rate of interest of
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Ralph has just borrowed $1800 to purchase a new stereo, at a nominal rate of interest of 11.8% convertible monthly. Although he is charged interest from the moment he borrows the money, the first payment is not due for 7 months. If he will make 24 monthly payments, how much interest is in the 17th payment?
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0134141084
11th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs
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