Question
Michael took out a loan for $35,500 today. The interest rate on the loan was an APR of 12% compounded monthly. Michael pays annual payments
Michael took out a loan for $35,500 today. The interest rate on the loan was an APR of 12% compounded monthly. Michael pays annual payments of $9,800, how many years will it take before Michael pays back the loan?
| a. | 4.56 | |
| b. | 5.03 | |
| c. | 6.25 | |
| d. | 8.10 | |
| e. | 5.15 |
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Foundations Of Financial Management
Authors: Stanley B Block, Geoffrey A Hirt
12th Edition
0073295817, 9780073295817
