Question
(Annuity number ofperiods) How long will it take to pay off a loan of $47,000 at an annual rate of 12 percent compounded monthly if
(Annuity number ofperiods)How long will it take to pay off a loan of $47,000 at an annual rate of 12 percent compounded monthly if you make monthly payments of $750?
Use five decimal places for the monthly percentage rate in your calculations.
Round to One Decimal Place
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Principles of Managerial Finance
Authors: Lawrence J. Gitman, Chad J. Zutter, Wajeeh Elali, Amer Al Roubaix
Arab World Edition
1408271583, 978-1408271582
