$5,000 are borrowed now with the understanding that it will be repaid in equal monthly payments over 24 months

$5,000 are borrowed now with the understanding that it will be repaid in equal monthly payments over 24 months, if the interest rate is 1% per month, for payment number 6 find the amount that is due to principal? Your answer might be exact or to the closest.

a. $833.33

b. $194.83

c. -540.54

d. $40.54

Expert Solution

jeff jeffy answered 2 years ago

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