Question
Your bank offers you a personal loan of $10,000 at an interest rate of 6.01% compounded quarterly. At the end of the term, interest of
Your bank offers you a personal loan of $10,000 at an interest rate of 6.01% compounded quarterly. At the end of the term, interest of $3,677.65 was charged on the loan. Calculate the term of this loan.
years months
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Intermediate Financial Management
Authors: Eugene BrighamPhillip Daves
1st Edition
0324594712, 9780324594713
