Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

X wants to buy an apartment. He needs to borrow $ 95000 with monthly interest rate (for one month) 0.85%. He is told by the

X wants to buy an apartment. He needs to borrow $ 95000 with monthly interest rate (for one month) 0.85%. He is told by the bank that the monthly equal payment is $1064.24. Calculate the (rounded to the closest) number of months until maturity date of this credit?

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

Step: 3

blur-text-image

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

International Finance Transactions Policy And Regulation

Authors: Hal Scott, Anna Gelpern

21st Edition

1634602048, 978-1634602044

More Books

Students also viewed these Finance questions

Question

How do the two components of this theory work together?

Answered: 1 week ago