A man borrowed $500 from a bank on October 15th. He must repay the loan in 16

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A man borrowed $500 from a bank on October 15th. He must repay the loan in 16 equal monthly payments, due on the 15th of each month, beginning November 15th. If interest is computed at 1% per month, how much must he pay each month?

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Engineering Economics

ISBN: 9780195168075

9th Edition

Authors: Ted G. Feller

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Question Posted: Mar 01, 2010 04:01 AM

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A man borrowed $500 from a bank on October 15th. He must repay the loan in 16

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Engineering Economics

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