Question
(Annuity number of periods) How long will it take to pay off a loan of $51,000 at an annual rate of 11 percent compounded
(Annuity number of periods) How long will it take to pay off a loan of $51,000 at an annual rate of 11 percent compounded monthly if you make monthly payments of $550? 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.)
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
12th edition
978-0324597714, 324597711, 324597703, 978-8131518571, 8131518574, 978-0324597707
