A farmer borrowed S28,500 from the bank to build a new barn. The bank charges 4.5% annual

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A farmer borrowed S28,500 from the bank to build a new barn. The bank charges 4.5% annual simple interest and allowed the farmer to repay the loan in 42 monthly payments.

A. How much money was paid in interest?

B. How much was cash monthly payment?

Related Book For answer-question

Financial Management Principles and Applications

ISBN: 978-0133423822

12th edition

Authors: Sheridan Titman, Arthur Keown, John Martin

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Posted Date: Feb 06, 2021 12:31 AM

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A farmer borrowed S28,500 from the bank to build a new barn. The bank charges 4.5% annual

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Financial Management Principles and Applications

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