If you take out a bank loan of $11500 now, what will the monthly payment be if you have to repay the money over 5 years at a yearly interest rate of 9%, compounded monthly? Round your answer to 2 places after the decimal.

If you take out a bank loan of $11500 now, what will the monthly payment be if you have to repay the money over 5 years at a yearly interest rate of 9%, compounded monthly? Round your answer to 2 places after the decimal.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 8EA: You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how...

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If you take out a bank loan of $11500 now, what will the monthly payment be if you
have to repay the money over 5 years at a yearly interest rate of 9%, compounded
monthly? Round your answer to 2 places after the decimal.
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