A loan of $6000 was repaid by quarterly payments of $450. If interest was 12% compounded monthly,

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A loan of $6000 was repaid by quarterly payments of $450. If interest was 12% compounded monthly, how long did it take to pay back the loan?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Feb 26, 2016 04:02 AM

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A loan of $6000 was repaid by quarterly payments of $450. If interest was 12% compounded monthly,

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PV 600000 PMT 45000 i 10 c 124 3 p 101 3 1 10303011 303...View the full answer

Contemporary Business Mathematics with Canadian Applications

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