Harold borrowed $8,000 for 5 years at an APR of 2.75%. a. What is Harolds monthly payment?
Question:
Harold borrowed $8,000 for 5 years at an APR of 2.75%.
a. What is Harold’s monthly payment? Round to the nearest cent.
b. What is the total amount that Harold paid in monthly payments for the loan?
c. What is the amount Harold will pay in finance charges?
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Step by Step Answer:
a To calculate Harolds monthly payment we can use the formula M P r 1 rn 1 rn ...View the full answer
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Related Book For 
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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