Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Xanderis 28 years old and is looking at selling his car and buy an electric motorbike. The electric motorbike costs 11,728 and he thinks he

Xanderis 28 years old and is looking at selling his car and buy an electric motorbike. The electric motorbike costs 11,728 and he thinks he can sell the car for 2,430. He will borrow the remaining amount required to buy the motorbike. If Xander has to pay an interest rate of 7% p.a.compounded weekly, and he can afford to pay $100 a week, how long will it take Xander to pay off his loan? Enter your answer in weeks and with two decimal places (e.g. 12.34)

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

Public Finance and Public Policy

Authors: Jonathan Gruber

5th edition

1464143331, 978-1464143335

More Books

Students also viewed these Finance questions

Question

Are CDO roles only relevant for companies with large R&D budgets?

Answered: 1 week ago