Question
A debt of $7000 is repaid by making payments of $198. If interest is 6.95% compounded monthly, for how long (in months) will quarterly payments
A debt of $7000 is repaid by making payments of $198. If interest is 6.95% compounded monthly, for how long (in months) will quarterly payments have to be made?
| A. | 167 months | |
| B. | 56 months | |
| C. | 168 months | |
| D. | 55 quarters |
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Introduction To Finance Markets Investments And Financial Management
Authors: Ronald W. Melicher, Edgar A. Norton
14th Edition
0470561076, 9780470561072
