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please show me thhe math. something isnt clicking Paul borrows $5,000 from the bank and wishes to repay the amount in equal installments of $800
please show me thhe math. something isnt clicking
Paul borrows $5,000 from the bank and wishes to repay the amount in equal installments of $800 per year over a period of years. The payments will be made at the end of each year. The bank wishes to earn interest on this loan at 8%. Approximately how many years will it take for Paul to repay the loan? O 9 years O 6 years O 8 years O 7 years Step by Step Solution
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