Calculate the finance charge and the monthly payment on a $20,000 add-on installment loan with an interest rate of 9% and a term
of 5 years.
1 answer:
Answer: 9006.16
Step-by-step explanation:
In general, the length of billing cycle is at least 15 days and no longer than 90 days.
The finance charge for a billing cycle is $9,006.16.
The new opening balance in the following billing cycle is $29,006.16.
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