Question
Youve borrowed $8,117.01 and agreed to pay back the loan with monthly payments of $290. Assume the interest rate is 12% stated as an APR.
Youve borrowed $8,117.01 and agreed to pay back the loan with monthly payments of $290. Assume the interest rate is 12% stated as an APR.
a. How long will it take you to pay back the loan? Note: Do not round intermediate calculations. Round your answer to the nearest whole number.
b. What is the effective annual rate on the loan? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.
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Fundamentals Of Multinational Finance
Authors: Michael H. Moffett, Arthur I. Stonehill, David K. Eiteman
1st Edition
0201844842, 978-0201844849
