Homework Answers
Answer:
Mark has to make monthly payment of $372.00 (rounded) inorder to be debt free within 3 years.
Working Notes :
![excel Sheeti Sheet2 Sheet3 Mark has to make monthly payments of $ 372.00 to be debt free within 3 years 1 2 Working Notes: $12,746.00 3.2090 26.66667% (Given)B years or 36 months (Given) Amount borrowed Amual interest rate Monthlvinterest 4 ien (3.2 /12) 6 Period A mount borrowed Monthly Payment x [1-11+ґі)F Hence 12 13 14 Monthly payment-Amount borrowed-[1-(1/1+rn)Vr -12,746[1-(1/1.00266666736))- 0.002666667] 371.7936002 16 17 18](http://img.homeworklib.com/questions/db670aa0-6fd4-11ea-9059-8749075bb629.png?x-oss-process=image/resize,w_560)
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