Determine how much must he pay each month

Reference no: EM132156903

Question: A man borrowed $500 from a bank on October 15th. He must repay the loan in 16 equal monthly payments, due on the 15th of each month, beginning November 15th. If interest is computed at 1% per month, how much must he pay each month? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM132156903

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