How much interest will be paid in the 8th month if you borrow $20,000 at a...

How much interest will be paid in the 8th month if you borrow $20,000 at a rate of 6%, compounded monthly, and pay it off over 6 years?

a. 89.04

b. 91.78

c. 237.30

d. 339.69

Expert Solution

jeff jeffy answered 1 year ago

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