If you borrow $24,000 now at an interest rate of 10% per year and promise to repay

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If you borrow $24,000 now at an interest rate of 10% per year and promise to repay the loan with payments of $3695 per year starting 1 year from now, the number of payments that you will have to make is closest to:

(a) 7

(b) 8

(d) 14

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Engineering Economy

ISBN: 978-0073523439

8th edition

Authors: Leland T. Blank, Anthony Tarquin

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Question Posted: Dec 24, 2018 07:21 AM

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If you borrow $24,000 now at an interest rate of 10% per year and promise to repay

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Engineering Economy

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