You've borrowed $4,248.68 and agreed to pay back the loan with monthly payments of $200. If the

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You've borrowed $4,248.68 and agreed to pay back the loan with monthly payments of $200. If the interest rate is 12% stated as an APR, how long will it take you to pay back the loan? What is the effective annual rate on the loan?

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Fundamentals of Corporate Finance

ISBN: 978-0077861629

8th edition

Authors: Richard Brealey, Stewart Myers, Alan Marcus

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Question Posted: Jun 30, 2016 09:10 AM

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You've borrowed $4,248.68 and agreed to pay back the loan with monthly payments of $200. If the

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The loan repayment is an annuity with present value equal to 424868 Payments are made ...View the full answer

Fundamentals of Corporate Finance

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