Anima needs to take out a loan to buy a computer that costs $2,375. Friendly Bank can give her the loan at 12% pa interest rate compounded monthly. If she borrows the funds from the Bank and pay $100 per month how many years will it take her to pay back the loan? (Show all calculations and show answer correct to two decimal places.)

Answer rating: 100% (QA)

To calculate the number of years it will take Anima to pay back the loan we can use the formula for ... View the full answer