Lester Newlander needed to borrow $20,000 for his business. Lester's father agreed to loan him the money and amortize it over 21 months with monthly payments and interest on the unpaid balance of 6% compounded monthly. Compute the size of Lester's payments. Use Tables 23-2A and 23-2B or a calculator.

Question

Lester Newlander needed to borrow $20,000 for his business. Lester's father agreed to loan him the money and amortize it over 21 months with monthly payments and interest on the unpaid balance of 6% compounded monthly. Compute the size of Lester's payments. Use Tables 23-2A and 23-2B or a calculator.​

Quizplus · Accepted Answer

The Answer of Lester Newlander needed to borrow $20,000 for his business. Lester's father agreed to loan him the money and amortize it over 21 months with monthly payments and interest on the unpaid balance of 6% compounded monthly. Compute the size of Lester's payments. Use Tables 23-2A and 23-2B or a calculator.​

Lester Newlander Needed to Borrow $20,000 for His Business