Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $57,000 loan at 8% for 36 months. What is his monthly payment by table lookup? (Use Table 14.2) Note: Round your answer to the nearest cent. Monthly payment

Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $57,000 loan at 8% for 36 months. What is his monthly payment by table lookup? (Use Table 14.2) Note: Round your answer to the nearest cent. Monthly payment

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 27M

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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

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Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a
$57,000 loan at 8% for 36 months. What is his monthly payment by table lookup? (Use Table 14.2)
Note: Round your answer to the nearest cent.
Monthly payment

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