Answered: What would the loan payment amount and…

What would the loan payment amount and the interest payed for Kevan’s loan be if the PV=8500, PMT=495.74, FV=0, Rate=6.2, Period=18, Payment Frequency=12, and Compounding=monthly

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 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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What would the loan payment amount and the interest payed for Kevan’s loan be if the PV=8500, PMT=495.74, FV=0, Rate=6.2, Period=18, Payment Frequency=12, and Compounding=monthly

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