Question
You borrow $90,000 to pay college tuition. The loan carries an annual interest rate of 13 percent and requires you to make quarterly payments of
You borrow $90,000 to pay college tuition. The loan carries an annual interest rate of 13 percent and requires you to makequarterlypayments of $3,000. How many payments will it take to pay off the loan? (Answers are rounded up.)
| A. | 87 |
| B. | 17 |
| C. | 23 |
| D. | 116 |
| E. | 20 |
| F. | 121 |
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Managerial Accounting for the Hospitality Industry
Authors: Lea R. Dopson, David K. Hayes
2nd edition
978-1-119-2996, 1119299659, 978-1119386223
