Question
You have just received an offer in the mail from Friendly Loans. The company is offering to loan you $5,500 with low monthly payments of
You have just received an offer in the mail from Friendly Loans. The company is offering to loan you $5,500 with low monthly payments of $100 per month. If the interest rate on the loan is an APR of 14.7 percent compounded monthly, how long will it take for you to pay off the loan?
a.99.07 months
b.55.00 months
c.85.86 months
d.16.09 months
e.91.99 months
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Monetary Policy And Public Finance
Authors: G. C. Hockley
1st Edition
1138704792, 978-1138704794
