Question
You have just received an offer in the mail from Friendly Loans. The company is offering to loan you $4,500 with low monthly payments of
You have just received an offer in the mail from Friendly Loans. The company is offering to loan you $4,500 with low monthly payments of $95 per month. If the interest rate on the loan is an APR of 15.4 percent compounded monthly, how long will it take for you to pay off the loan?
a. 68.53 months
b.73.42 months
c.47.37 months
d.79.07months
e.14.77months
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Financial Management And Policy
Authors: James C. Van Horne
11th Edition
0137512236, 9780137512232
