Alex Petrovich borrowed $4,800 from a finance company which amortized the loan at 9% over 4 months. Using Table 14-1, the first three monthly payments are $1,222.58 each. (The last payment may be slightly different.) Complete the amortization schedule and solve the effective rate problem.

Question

Alex Petrovich borrowed $4,800 from a finance company which amortized the loan at 9% over 4 months. Using Table 14-1, the first three monthly payments are $1,222.58 each. (The last payment may be slightly different.) Complete the amortization schedule and solve the effective rate problem.
​

Quizplus · Accepted Answer

The Answer of Alex Petrovich borrowed $4,800 from a finance company which amortized the loan at 9% over 4 months. Using Table 14-1, the first three monthly payments are $1,222.58 each. (The last payment may be slightly different.) Complete the amortization schedule and solve the effective rate problem.
​

Alex Petrovich Borrowed $4,800 from a Finance Company Which Amortized