FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How long will it take to pay off a loan of $45,000 at an annual rate of 9 percent compounded monthly if you make monthly

image text in transcribed

How long will it take to pay off a loan of $45,000 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 squarebox 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

DeFi And The Future Of Finance

DeFi And The Future Of Finance

Authors: Campbell R. Harvey, Ashwin Ramachandran, Joey Santoro, Vitalik Buterin, Fred Ehrsam

1st Edition

1119836018, 978-1119836018

More Books

Students also viewed these Finance questions

Question

★★★★★
Graph y = x + 1/x2 - 7x - 8 - x/2(x - 8) on your calculator. a. List all asymptotes, holes, and intercepts based on your calculator's graph. b. Rewrite the right side of the equation as a single...

Answered: 1 week ago

Question

★★★★★
Maxwell Mining Company's ore reserves are being depleted, so its sales are falling. Also, because its pit is getting deeper each year, its costs are rising. As a result, the company's earnings and...

Answered: 1 week ago

Question

★★★★★
Dr. Kopelowoski has just given an examination to his Introduction to Psychology class. Because this is a class of more than 500 students, it would be difficult for him to assess the results looking...

Answered: 1 week ago

Question

★★★★★
Janet Moody is one of XZY Companys most trusted employees. She never complains about her work and rarely misses work due to illness or vacation. The company has been successful over the years, but is...

Answered: 1 week ago

Question

★★★★★
How long will it take to pay off a loan of $45,000 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...

Answered: 1 week ago

Question

★★★★★
Selected sales and operating data for three divisions of different structural engineering firms are given as follows: Sales Average operating assets Net operating income Minimum required rate of...

Answered: 1 week ago

Question

★★★★★
" 2.7 HW X + es/24606/assignments/509305 Megan is an industrial engineer for Coyner Cola Company. She takes a random sample of cola cans from the production line each day to determine if the product...

Answered: 1 week ago

Question

★★★★★
I need some help with question 8 of case 1. The book tilte is: Cases in Financial Management. Authors: John S Dunkelberg and Joseph M Sulock B. (a) Suppose Studebaker's goal is to accumulate $400,000...

Answered: 1 week ago

Question

★★★★★
Amy, the daughter of Amy's owners, believes that happiness does not come from money...she says it comes from meaning and purpose. If Amy's belief is based on her American culture, what ethical...

Answered: 1 week ago

Question

★★★★★
30. Question 30 Once every month, Adventure Works organizes a performance review meeting. This time, it's centered on the latest Microsoft Power BI reports you've crafted to understand market trends....

Answered: 1 week ago

Question

★★★★★
Explain what is meant by the "flaw of averages" when it comes to healthcare? How will "flaw of averages" influence our analytic approach in Healthcare? Provide a specific clinical or healthcare...

Answered: 1 week ago

Question

★★★★★
You live on the corner of 15th and Vine Streets. A number of minor accidents have occurred at this corner in the past six months. You are concerned because several children in the neighborhood ride...

Answered: 1 week ago

Question

★★★★★
Global. You are program director for the student economics organization on your campus. You have done such an outstanding job that you have been asked to obtain the keynote speaker for this years...

Answered: 1 week ago

Question

★★★★★
Samantha Clark was employed by your firm during the summer. She is attending college in your city and is applying for the William Bennett Scholarship. She has asked you to write a letter of...

Answered: 1 week ago

Previous Question Next Question