Finance Assignment | Professional Writing
May 26th, 2020
6. (10 points) ABC Company has an immediate need for a loan. In an agreement worked out with its banker ABC has agreed to pay the bank $4800/month for the next three years with the first payment due at the end of the first month.
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Finance Assignment | Professional Writing
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If the bank charges interest at the rate of 3.50%/year compounded monthly, what is the amount of the loan negotiated between ABC and its banker? (Round your answer to the nearest dollar)
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