(Annuity number of periods) You've just bought a new flat-screen TV for $3,600 and the store...
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(Annuity number of periods) You've just bought a new flat-screen TV for $3,600 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 11 percent compounded monthly. If you take the financing and make monthly payments of $110, how long will it take to pay off the loan? How rouch will you pay in interest over the life of the loan? CO a. The number of years it will take to pay off the loan is 3.3 years. (Round to one decimal place.) b. The amount you will pay in interest over the life of the loan is $(Round to the nearest cent.) (Annuity number of periods) You've just bought a new flat-screen TV for $3,600 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 11 percent compounded monthly. If you take the financing and make monthly payments of $110, how long will it take to pay off the loan? How rouch will you pay in interest over the life of the loan? CO a. The number of years it will take to pay off the loan is 3.3 years. (Round to one decimal place.) b. The amount you will pay in interest over the life of the loan is $(Round to the nearest cent.)
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Cost of TV bought Interest rate EMI Month 1 Particulars monthly Interest formula Principle repayment ... View the full answer
Related Book For
Financial Management Principles and Applications
ISBN: 978-0133423822
12th edition
Authors: Sheridan Titman, Arthur Keown, John Martin
Posted Date:
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