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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 52
Solve the following application problems using the Rule of 78. (See Example 3.)
ENGAGEMENT RING Tom Stowe purchased a diamond engagement ring for $1150. He paid $100 down and agreed to 12 monthly payments of $95 each. After making 7 payments, he paid the loan in full. Find (a) the unearned interest and (b) the amount necessary to pay the loan in full.
ENGAGEMENT RING Tom Stowe purchased a diamond engagement ring for $1150. He paid $100 down and agreed to 12 monthly payments of $95 each. After making 7 payments, he paid the loan in full. Find (a) the unearned interest and (b) the amount necessary to pay the loan in full.
Explanation
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Recall the formula for the Total Instal...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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