SOLUTION: A loan of $20420 was repaid at the end of 8 months. What size repayment check (principal and interest) was written if a 6.2% annual rate of interest was charged?

Question 1090978: A loan of $20420 was repaid at the end of 8 months. What size repayment check (principal and interest) was written if a 6.2% annual rate of interest was charged?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
A loan of $20420 was repaid at the end of 8 months. What size repayment check (principal and interest) was written if a 6.2% annual rate of interest was charged?
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Depends on how the interest is calculated, or
On the agreement between borrower and lender.
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Check the fine print.
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