Calculate the Finance Charge and the Monthly Payment on a $20,000

question 45

Essay

Calculate the finance charge and the monthly payment on a $20,000 add-on installment loan with an interest rate of 9% and a term of 5 years.

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Definitions:

Indirect Value

The benefits provided by biodiversity that do not have direct economic value, such as climate regulation and pollination.

Indirect Values

Benefits provided by ecosystems that do not have a direct economic value, such as climate regulation and cultural significance.

Biodiversity

The variety of plant and animal life in the world or in a particular habitat, considered important for maintaining ecological balance.

Trees

Perennial plants with an elongated stem, or trunk, supporting branches and leaves in most species.