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Solve the Problem Using the Loan Payoff Table or an Amortization

Question 3

Multiple Choice

Solve the problem using the loan payoff table or an amortization table. Solve the problem using the loan payoff table or an amortization table. -A new fax machine cost Miller Ltd. $2,759. They are to pay it off in 18 months at 8% interest. What will each monthly payment be, and how much interest will they pay on the loan? A) $164.44, $200.92 B) $124.79, $512.78 C) $163.17, $178.06 D) $126.03, $490.46
-A new fax machine cost Miller Ltd. $2,759. They are to pay it off in 18 months at 8% interest. What will each monthly payment be, and how much interest will they pay on the loan?


A) $164.44, $200.92
B) $124.79, $512.78
C) $163.17, $178.06
D) $126.03, $490.46

Correct Answer:

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