A $4000 loan at 4.8% compounded monthly was settled by a single payment of $5000 including accrued
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A $4000 loan at 4.8% compounded monthly was settled by a single payment of $5000 including accrued interest. Rounded to the nearest day, how long after the initial loan was the $5000 payment made? For the purpose of determining the number of days in a partial month, assume that a full month has 30 days.
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The number of months required for 4000 borrowed at 48 compounded monthly to grow ...View the full answer
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Related Book For 
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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