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James borrows 60000 dollars from a bank that charges interest at an annual rate of 5 percent, compounded monthly. Calculate the monthly payment that James would have to make in …

James borrows 60000 dollars from a bank that charges interest at an annual rate of 5 percent, compounded monthly. Calculate the monthly payment that James would have to make in …
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James borrows 60000 dollars from a bank that charges interest at an annual rate of 5 percent, compounded monthly.

Calculate the monthly payment that James would have to make in order for the loan to be paid off after exactly 20 years.

asked
User Ward Segers
by
8.9k points

1 Answer

11 votes

Answer:

$395.97

Explanation:

answered
User Vincent Cohen
by
7.9k points
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