Anthony received a loan of $43,000 from the bank at 4.25% compounded monthly. If he had...
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Anthony received a loan of $43,000 from the bank at 4.25% compounded monthly. If he had to repay $250 at the end of every month, what will be the principal balance at the end of 4 years? Round to the nearest cent Anthony received a loan of $43,000 from the bank at 4.25% compounded monthly. If he had to repay $250 at the end of every month, what will be the principal balance at the end of 4 years? Round to the nearest cent
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Answer rating: 100% (QA)
Step 1 Calculate the number of months 4 years 48 months Step 2 Calculate the monthly interest rate ... View the full answer
Related Book For
Introduction to Management Accounting
ISBN: 978-0133058789
16th edition
Authors: Charles Horngren, Gary Sundem, Jeff Schatzberg, Dave Burgsta
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