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?
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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.
