Find the monthly interest payment in the situation below. Assume that monthly interest rates are...
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Accounting
Find the monthly interest payment in the situation below. Assume that monthly interest rates are one twelfth of annual interest rates
Vic bought a new plasma TV for $2100. He made a down payment of $400 and then financed the balance through the store. Unfortunately, he was unable to make the first monthly payment and now pays 7% interest per month on the balance (while he watches his TV).
What is Vic's monthly interest payment?
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You can see the logs in the Dashboard.