James borrows 60000 dollars from a bank that charges interest at an annual rate of 5 percent, compounded monthly. Calculate the monthly payment that James would have to make in order for the loan to be

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Dtb asked Jul 14, 2023

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James borrows 60000 dollars from a bank that charges interest at an annual rate of 5 percent, compounded monthly.

Calculate the monthly payment that James would have to make in order for the loan to be paid off after exactly 20 years.

Mathematics
high-school

Dtb asked Jul 14, 2023

by Dtb

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21 votes

Answer:

$395.97

Explanation:

Ankit Agrawal answered Jul 20, 2023

by Ankit Agrawal

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