Michael wants to buy some new exercise equipment for his fitness center for
$272,000
financed at an annual interest rate of
11%
using the add-on method. If Michael wants to pay off the loan in 4 years, what will be his monthly payment? His monthly payments are
$
(Round to the nearest cent as needed.)

Question

Michael wants to buy some new exercise equipment for his fitness center for

$272,000

financed at an annual interest rate of

11%

using the add-on method. If Michael wants to pay off the loan in 4 years, what will be his monthly payment? His monthly payments are

$

(Round to the nearest cent as needed.)

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