Answered: The required end of month payment on a…

The required end of month payment on a 3-year loan bearing interest at 8.5% compounded monthly is $356.60 What was the original amount of the loan? Multiple Choice $14,564.49 $11,27741 $14.539.99

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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$14,564.49
SIL27741
$14.539 99
$1,296.41
$1.360.60

The required end of month payment on a 3-year loan bearing interest at 8.5% compounded monthly is $356 60 What was the original
amount of the loan?
Multiple Choice
$14,564.49
$1,27741
$14.539.99

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