Bill and Dick Johnston wanted to borrow $15,500 for four months for their business. A local bank offered to make a loan to be amortized at 12%. Using Table 14-1, the first three monthly payments are $3,972.36 each. (The last payment may be slightly different.) Complete the amortization schedule and solve the effective rate problem.

Question

Bill and Dick Johnston wanted to borrow $15,500 for four months for their business. A local bank offered to make a loan to be amortized at 12%. Using Table 14-1, the first three monthly payments are $3,972.36 each. (The last payment may be slightly different.) Complete the amortization schedule and solve the effective rate problem.
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Quizplus · Accepted Answer

The Answer of Bill and Dick Johnston wanted to borrow $15,500 for four months for their business. A local bank offered to make a loan to be amortized at 12%. Using Table 14-1, the first three monthly payments are $3,972.36 each. (The last payment may be slightly different.) Complete the amortization schedule and solve the effective rate problem.
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Bill and Dick Johnston Wanted to Borrow $15,500 for Four