Calculating the number of periods You want to borrow $600,000 to buy an apartment, and you can
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Calculating the number of periods You want to borrow $600,000 to buy an apartment, and you can only afford $4,000 a month to repay the loan. Suppose the bank charges you a fixed interest rate of 4% with monthly compounding. How long will it take you to pay off the loan?
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To calculate how long it will take to pay off the loan you can use the formula for t...View the full answer
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Related Book For 
Principles Of Managerial Finance
ISBN: 9781292018201
14th Global Edition
Authors: Lawrence J. Gitman, Chad J. Zutter
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