Question
How long will it take to pay off a loan of $50,000 at an annual rate of 8 percent compounded monthly if you make monthly
How long will it take to pay off a loan of $50,000 at an annual rate of 8 percent compounded monthly if you make monthly payments of $600? 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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Fundamentals Of Corporate Finance
Authors: Jonathan Berk, Peter DeMarzo, Jarrod Harford, David Stangeland, Andras Marosi
3rd Canadian Edition
0135418178, 978-0135418178
