Determine the monthly payments

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Reference no: EM1351877

1.
If Hudson Inc borrows $500,000 on a 10% add-on basis, payable in 12 equal end-of-month installments, how large would the monthly payments be?

2.
If Tapley Inc borrows $600,000 on a 10% add-on basis, payable over 3 years in 36 equal end-of-month installments, how large would the monthly payments be?

Reference no: EM1351877

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