Tina owes $12,000 on her automobile loan, which has an interest rate equal to 4.8 percent compounded

Question:

Tina owes $12,000 on her automobile loan, which has an interest rate equal to 4.8 percent compounded monthly. If Tina pays $526 at the end of each month, how long will it take her to repay the loan?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

CFIN

ISBN: 978-1305666870

5th edition

Authors: Scott Besley, Eugene Brigham

See More Books

Question Posted: Jan 31, 2020 09:51 AM

See More Questions

On September 1, 2008, Susan Chao bought a motorcycle for $30,000. She paid $1,000 down and financed the balance with a five-year loan at a stated annual interest rate of 7.8 percent, compounded...
On September 1, 2018, Susan Chao bought a motorcycle for $17,000. She paid $1,500 down and financed the balance with a five-year loan at an annual percentage rate of 6.8 percent compounded monthly....
1. With regard to Brads revised retirement plans: a. How much will he have in 30 years if he takes full advantage of his employers definedcontribution pension plan and invests $300 per month at an...
3. In this problem the bond sells for a premium, which indicates that interest rates have declined. The current yield is $70/$1,222 = 5.73%. To confirm that interest rates have declined, determine...
What variables must be controlled if satisfactory quantitative data are to be obtained from chromatograms?
The following table shows the golf scores of nine people before and after a lesson given by the golf professional at Pike Creek Golf Club. These data can also be found in the Excel file lessons.xlsx....
Describe a recent interpersonal conflict youve experienced.
If Kolchek had negligently left Litisha alone in the spa prior to the incident described in the previous question, what defense to liability might Porter assert? Shalene Kolchek bought a Great Lakes...
Homework: HW1 Chapter 1 and Chapter 2 Question 1, E1-31 HW Score of 77 por O Pint015 Save www Oh, to Reu om www To beon by the Dec Cath GMT Help me solve this Enext pages Get more help Check AM O 9...
Daniel Grady is the financial advisor for a number of professional athletes. An analysis of the long-term goals for many of these athletes has resulted in a recommendation to purchase stocks with...
Ten years ago, Bruce invested $1,250. Today, the investment is worth $3,550. If interest is compounded annually, what annual rate of return did Bruce earn on his investment?
Mario wants to take a trip that costs $4,750, but currently he only has $2,260 saved. If Mario invests this money at 7 percent compounded annually, how long will it take for his investment to grow to...
Chao et al. (2001) report data on an outbreak of Hepatitis A virus among students of a college. Investigators want to estimate N, the total number of students with Hepatitis A. Cases were reported...
Cosmic Cals (Pty) Ltd , a seller of personalized scientific calculators, had an inventory of 40 calculators. The value of these calculators is R15 400 each on the 1 January 2022. During the current...
Perform an analysis of Best Buy Co. Inc. Your analysis will draw on the Form 10K (as of February 2013). Your analysis can include information prior to February 2013 but should not draw on any...
Research organizational structure of a company of your choice. Use your understanding of organizational structure to analyze whether this organization's structure is the best choice for the business...
Tabletop Exercise (15%) Develop a tabletop exercise for your organization or community. The size and scope of your exercise can be whatever you need it to be in order for you to complete the...
Within the framework of the Porter Five-Forces Model of Competition, describe the competitive force of rivalry among competing sellers. What are some of the factors that increase the rivalry among...
For which of the following would it be inappropriate to display the data with a single pie chart? a. The distribution of car colors for vehicles purchased in the last month b. The distribution of...
Consider the setup in Problem 16. Show that the relative speed of the ball and the point of contact on the stick is the same before and immediately after the collision. (This result is analogous to...
Ensco Lighting Company has fixed cost of $100,000 sells its units for $28, and has variable costs of $15.50 per unit. Instructions: a. Compute the break-even point. b. Ms. Watts comes up with plan to...
Rapid corporate growth in sales and profits can cause financing problems. Elaborate on this statement.
What factors would cause a difference in the use of financial leverage for a utility company and an automobile manufacturer?
Hello! Please help me answer this financial question: 1) A portfolio manager adds a new stock that has the same standard deviation of return as the existing portfolio but has a correlation...
8. Summarize the Tuckman readings on interest drift and volatility.
The return of an asset has a 0.60 chance of being 4% and 0.1 of being 9%. What is the expected return of the asset?

Tina owes $12,000 on her automobile loan, which has an interest rate equal to 4.8 percent compounded

Question:

Step by Step Answer:

Using a calculator enter IY 04 P...View the full answer

CFIN

Students also viewed these Business questions