Smith Mountain Landscaping (SML) is purchasing a trenching machine. Due to current cash flow limitations they...
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Smith Mountain Landscaping (SML) is purchasing a trenching machine. Due to current cash flow limitations they will borrow the funds for the purchase. They will borrow $11,000 from the bank. The term of the loan is three years and the interest rate charged is an APR of 6%, compounded monthly, and SML will make monthly loan payments. What is the monthly payment amount? $301 $335 $306 $343 Smith Mountain Landscaping (SML) is purchasing a trenching machine. Due to current cash flow limitations they will borrow the funds for the purchase. They will borrow $11,000 from the bank. The term of the loan is three years and the interest rate charged is an APR of 6%, compounded monthly, and SML will make monthly loan payments. What is the monthly payment amount? $301 $335 $306 $343
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