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A SMALL BUSINESS BORROWS $80,000 AT 8.4% INTEREST COMPOUNDED MONTHLY FOR 8 YEARS.

A SMALL BUSINESS BORROWS $80,000 AT 8.4% INTEREST COMPOUNDED MONTHLY FOR 8 YEARS.

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Author: Joyce Buda
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http://theperfecthomework.com/a-small-business-borrows-80-000-at-8-4-interest-compounded-monthly-for-8-years/

A small business borrows $80,000 at 8.4% interest compounded monthly for 8 years. 
                    a.   What is the monthly payment?
                    b.   What is the unpaid balance at the end of the first year?
                    c.   How much interest was paid in the first year?


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