You borrow $30,000 for 10 years to pay tuition and fees. The annual interest rate is 12 percent. What monthly payment would be required to pay off the loan?
What will be an ideal response?
Use the following formula: 
where P = $30,000; i = 0.12 รท 12 = 0.01; N = 10 x 12 = 120
You might also like to view...
(n) _______ is a computer-based information system that provides a flexible tool for analysis and helps managers focus on the future.
A. IT synergy web B. collaborative IT system C. group-web D. flexible computing system E. decision support system
Direct mail is an example of a personal channel of communication
Indicate whether the statement is true or false
Arbitration may be preferred over litigation because the quality of the arbitrator's decision is often higher than that available through the court system
a. True b. False Indicate whether the statement is true or false
In LANs, optical fiber typically is used in ________
A) trunk lines B) access lines C) workgroup switches D) core switches