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Monthly payments

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?

Solution Preview

1. In an addon loan, the interest amount is added to the loan amount and then the total ...

Solution Summary

The solution explains how to calculate the monthly payments on a loan

$2.19