Question
Anima needs to take out a loan to buy a computer that costs $2,375. Friendly Bank can give her the loan at 12% pa interest
Anima needs to take out a loan to buy a computer that costs $2,375. Friendly Bank can give her the loan at 12% pa interest rate compounded monthly. If she borrows the funds from the Bank and pay $100 per month how many years will it take her to pay back the loan? (Show all calculations and show answer correct to two decimal places.)
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Analysis for Financial Management
Authors: Robert Higgins
11th edition
77861787, 978-0077861780
