Calculate the monthly payment for a short-term loan

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Reference no: EM13193585

The owner of a flower shop needs a short-term loan to tide her business over until she completes the sale of some unused property. She asks the bank for a $25,000 six-month loan. The bank agrees to give her the loan, but attaches a hefty interest rate of 18 percent.

Calculate the monthly payment, and explain how the florist can handle taking this loan?

Reference no: EM13193585

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