Question
Amy took out a $20,000 loan to help him set up his new business The loan was to be paid back with monthly payments of
Amy took out a $20,000 loan to help him set up his new business The loan was to be paid back with monthly payments of $315.49 at 5.5% compounded monthly. If you assume every month contains 30 days, what was the term of the loan to the nearest number of days?
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College Accounting Chapters 1- 9
Authors: James A Heintz, Robert W Parry
23rd Edition
1337794783, 978-1337794787
