What are the monthly payments if the bank charges 5 percent interest?

What are the monthly payments if the bank charges 5 percent interest?

The Grooms Diner has just purchased a
counter and stools for $45,000. Nick paid $5,000 down and is going to borrow
the remaining $40,000. The Manhattan National Bank will loan him the money for
four years if he agrees to make monthly payments.

A. What
are the monthly payments if the bank charges 5 percent interest?

B. What
are the monthly payments if the bank charges 7 percent interest?

C. What
are the monthly payments if the bank charges 9 percent interest?


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