Answered step by step
Verified Expert Solution
Question
1 Approved Answer
John takes out a loan of $9400 that charges 8% interest compounded monthly. If John makes $180 monthly payments, determine how long it will take
John takes out a loan of $9400 that charges 8% interest compounded monthly. If John makes $180 monthly payments, determine how long it will take him to pay off the loan. Round your answer up. John will pay off the $9400 loan after ----- months.
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