Tony is offering two repayment plans to Phil for a long overdue loan. Offer 1 is a
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Tony is offering two repayment plans to Phil for a long overdue loan. Offer 1 is a visit from an enforcer and the debt due in full at once. Offer 2 is to pay back $3,900 per year at 20% interest rate until Tony pays off the loan principal. Phil owes Tony $15,000. How long will it take for Phil to pay off the loan if he takes Offer 2?
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First remember to check if the payment is greater than the interest expense for the period ...View the full answer
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Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
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