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.)
Step by Step Solution
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Step: 1
To calculate the number of years it will take Anima to pay back the loan we can use the formula for ...
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Step: 2
Step: 3
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Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
