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Find the actual end-of-period loan payment

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Loan Payment

Problem 1: Find the actual end-of-period loan payment in each of the following situations.

(a) Jennifer borrows $15,000 for a new car. The terms of the loan are 12% interest with monthly payments for 2 years.

(b) Anderson Equipment purchases a new lathe for $35,000. The lathe is financed with a bank loan with an interest rate of 7%, to be repaid in 5 equal annual installments.

Reference no: EM132837853

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