John wants to buy a new motorcycle Unfriendly Finance Co. has agreed to lo him $8,000 for
Fantastic news! We've Found the answer you've been seeking!
Question:
John wants to buy a new motorcycle Unfriendly Finance Co. has agreed to lo him $8,000 for a two-year term at an annual interest rate of 24% (compounded monthly) John would be required to make monthly payments, with the first payment due one month from now What is the amount of John's monthly payment?
a. $422.97
b. $414.68
c. $333.33
d. $257.81
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Posted Date: