Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A pottery factory purchases a continuous belt conveyor kiln for $ 6 4 , 0 0 0 . A 7 . 2 % APR loan

A pottery factory purchases a continuous belt conveyor kiln for $64,000. A 7.2% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $605.73, over what term is this loan being paid?
A.14 years
B.15 years
C.12 years
D.13 years
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions