Posted by **Becky** on Monday, November 12, 2012 at 7:54pm.

a small business loan in the amount of 50,000 need to interest rate of 9% that compounds monthly for 7 years. What is the payment for 7 years, need formula for this. And what is the balance of the loan at the end of the 1st year? Show the formula used for each variable and the unpaid balance at end of 1st year

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