Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If you need to borrow $ 7 9 , 0 0 0 for tuition, and repay $ 7 6 1 each month ( beginning next

If you need to borrow $79,000 for tuition, and repay $761 each month (beginning next month), how many months would you have to make payments if the prevailing interest rate is 1.9% per annum?
Please calculate accurately and round the answer to four (4) decimal places. Thank you.

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_2

Step: 3

blur-text-image_3

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

Project Financing Asset-Based Financial Engineering

Authors: John D Finnerty

3rd Edition

1118421841, 9781118421840

More Books

Students also viewed these Finance questions