Repaid in equal monthly payments

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Reference no: EM13813490

XYZ Company borrows $60,000 today to be repaid in equal monthly payments over 4 years. The loan has an annual interest rate of 6%. SHOW all TVM buttons used on the TI BAII Plus Calculator.

a) What is the monthly payment?

b) What is the total interest paid in the first 2 years of the loan?

c) What is the total interest paid on the loan if no additional or early payments are made on the loan?

Reference no: EM13813490

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