Question
How long will it take to pay off a loan of $54,000 at an annual rate of 8 percent compounded monthly if you make monthly
How long will it take to pay off a loan of $54,000 at an annual rate of 8 percent compounded monthly if you make monthly payments of $700? Use five decimal places for the monthly percentage rate in your calculations.
The number of years it takes to pay off the loan is nothing years. (Round to one decimal place.)
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Financial Management Theory And Practice
Authors: Eugene F Brigham, Michael C Ehrhardt
11th Edition
0324259689, 9780324259681
