Raymond borrowed $3,000.00 from Loans R Us Company. The line of credit agreement provided for repayment of the loan in equal monthly payments of $668.76 which includes interest of 9.00 % per annum calculated on the unpaid balance.
a. What is the monthly rate of interest?
b. Construct a blended payment repayment schedule
c What are the total interest charges?
d. How many payments are required to pay off the loan
e. What is the final Payment