Betsy is receiving a small business loan of $200,000 later today. This loan has an...
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Betsy is receiving a small business loan of $200,000 later today. This loan has an 18% stated annual interest rate, compounded monthly, and a minimum monthly payment of 1% per month for the next year. When determining the minimum monthly payment, take 1% of the amounted owed one month before. The first payment for the loan will be one month from today. If she makes the minimum monthly payment each month, how much will her payment be four months from today?
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