Exam (elaborations)
Compucram Math Questions With Correct Answers
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A loan for $150,000 is payable at $2500 per month at 7% interest. What is the interest only payment for the 8th month? $772.91 QUESTION RATIONALE Calculation: > 2,500 x 7 = 17,500 You've made 7 principal payments of $2,500 each. > 150,000 - 17,500 = 132,500 Principal balance in 8th month &...
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