Alice borrows $20,000 to buy some medical equipment and pays off the loan (at 7% interest compounded

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Alice borrows $20,000 to buy some medical equipment and pays off the loan (at 7% interest compounded annually) by paying $4195.92 at the end of each year. After how many years will the loan be paid off?

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Finite Mathematics and Its Applications

ISBN: 978-0134768632

12th edition

Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair

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Question Posted: Feb 12, 2018 09:29 AM

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Alice borrows $20,000 to buy some medical equipment and pays off the loan (at 7% interest compounded

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After 1 year 10720000 419592 1720408 ...View the full answer

Finite Mathematics and Its Applications

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