Question
Amy borrowed $6,000 to buy a new car. The terms of the loan require her to make monthly payments of $200. The interest rate is
Amy borrowed $6,000 to buy a new car. The terms of the loan require her to make monthly payments of $200. The interest rate is 12% per annum (APR). How many years will it take her to pay off the loan? (The repayment starts in one month from the loan initiation)
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Financial Economics
Authors: Frank J. Fabozzi, Edwin H. Neave, Guofu Zhou
1st Edition
0470596201, 9780470596203
