Solution-Bob bought hunting equipment

Bob bought hunting equipment

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Compound Interest

Bob bought hunting equipment for $4,800. He borrowed money from his credit union for the purchase, obtaining a loan with a 10% annual interest rate, monthly compounding, and a 3-year term. If Bob's loan is structured as an installment loan, calculate his total installment cost, his monthly payment, and his total finance charge (interest).

Reference no: EM131482764

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Bob bought hunting equipment

Reference no: EM131482764

Reference no: EM131482764

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