Stephanie gets a small business loan for $75,000 to start her hair salon. She will repay the

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Stephanie gets a small business loan for $75,000 to start her hair salon. She will repay the loan with equal monthly payments over 5 years at 8.4% per year, compounded monthly.

a) What is Stephanie's monthly loan payment?

b) What is the total amount Stephanie repays?

c) How much of the amount repaid is interest?

Posted Date: May 18, 2024 06:14 AM

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Stephanie gets a small business loan for $75,000 to start her hair salon. She will repay the

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