Question: Assignment #2 1 Saved Help Save & Exit Submit 5 Problem 6-4 Calculating Instalment Loan Payments, Interest, and Principal [LO2] a. If Dave had borrowed

Assignment #2 1 Saved Help Save & Exit Submit 5 Problem 6-4 Calculating Instalment Loan Payments, Interest, and Principal [LO2] a. If Dave had borrowed $240 for one year at an APR of 4 percent, compounded monthly, what would have been his monthly loan payment? Use Exhibit 18-4. (Do not round your intermediate calculations. Round your final answer to 2 decimal places. Omit the "$" sign in your response.) 6 points PMT $ 20.44 b. What would have been the breakdown between interest and principal of the fifth payment? Use Exhibit 18-4. (Do not round your References intermediate calculations. Round your final answers to 2 decimal places. Omit the "$" sign in your response.) Interest tA tA Principal Mc Graw Hill

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