Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(Annuity number of periods) How long will it take to pay off a loan of $49,000 at an annual rate of 9 percent compounded monthly

image text in transcribed

(Annuity number of periods) How long will it take to pay off a loan of $49,000 at an annual rate of 9 percent compounded monthly if you make monthly payments of $800? Use five decimal places for the monthly percentage rate in your calculations The number of years it takes to pay off the loan is years. (Round to one decimal place.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Economics For Financial Markets

Authors: Brian Kettell

1st Edition

0750653841, 978-0750653848

More Books

Students also viewed these Finance questions

Question

4. Explain the strengths and weaknesses of each approach.

Answered: 1 week ago

Question

3. Identify the methods used within each of the three approaches.

Answered: 1 week ago