What Monthly Payment Is Required to Amortize a Loan of $40,000

question 123

Multiple Choice

What monthly payment is required to amortize a loan of $40,000 over 11 years if interest at the rate of 14%/year is charged on the unpaid balance and interest calculations are made at the end of each month? Round your answer to the nearest cent. ​

• A) R = $632.95
• B) R = $595.47
• C) R = $571.94
• D) R = $652.82

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