Question
How long will it take to pay off a loan of $48,000 at an annual rate of 11 percent compounded monthly if you make monthly
How long will it take to pay off a loan of $48,000 at an annual rate of 11 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 decimalplace.)
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International financial management
Authors: Jeff Madura
12th edition
1133947832, 978-1305195011, 978-1133947837
