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HELP! How do I find the MONTHLY finance charge on a loan of $5,915 for 24...

HELP! How do I find the MONTHLY finance charge on a loan of $5,915 for 24 months, what is each months finance charge monthly payment is $293.29 the interest rate is 9.5% I am doing this in a excel sheet. Is there anyway excel computes this for you?

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Answer #1

Function Arguments ? x RATE 1 = 24 1 = -293.29 Nper 24 Pmt -293.29 Pv 5915 Fv 0 Type o 1 = 5915 = 0.014412467 Returns the int

Hence, Monthly finance charge is 1.44%

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