Mary needs to repay a $12,000 debt. Her bank offers personal loans with terms from one to five years at 9.25% per year, compounded monthly. a) Determine the monthly payment for a three-year term b ) Calculate the total Interest paid on the loan. c) determine marry's payment if she chooses to make bi- weekely payments

Mary needs to repay a $12,000 debt. Her bank offers personal loans with terms from one to five years at 9.25% per year, compounded monthly. a) Determine the monthly payment for a three-year term b ) Calculate the total Interest paid on the loan. c) determine marry's payment if she chooses to make bi- weekely payments

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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