Question
A loan of $9000.00 was repaid together with interest of $3728.00. If interest was 9.4% compounded quarterly, how long was the loan taken out? (Give
A loan of $9000.00 was repaid together with interest of $3728.00. If interest was 9.4% compounded quarterly, how long was the loan taken out? (Give answer in years and months to the nearest tenth.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Heres how to find the length of the loan Set up the equationWe can use the formula for compound inte...
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Contemporary Business Mathematics with Canadian Applications
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
10th edition
133052311, 978-0133052312
