Claire needs to borrow $12,000 from a local bank. She compares the monthly payments for an...
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Claire needs to borrow $12,000 from a local bank. She compares the monthly payments for an 8.1% loan for three different periods of time. What is the monthly payment for a one-year loan? a two-year loan? a five-year loan? Claire needs to borrow $12,000 from a local bank. She compares the monthly payments for an 8.1% loan for three different periods of time. What is the monthly payment for a one-year loan? a two-year loan? a five-year loan?
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To calculate the monthly payments for different periods of time with an 81 loan we can use the formu... View the full answer
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