Question
You received a loan of $ 20,500; lending interest calculated using the compound interest method is 16%. Do you believe you can repay this loan
You received a loan of $ 20,500; lending interest calculated using the compound interest method is 16%. Do you believe you can repay this loan in equal installments of $ 5,000 annually. (Payments include both the principal and interest on the loan.) How long will it take you to fully repay this loan (round to the nearest whole number of years)?
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Personal Finance For Musicians
Authors: Bobby Borg
1st Edition
1538163306, 978-1538163306
