Javier borrows $50,000 from a local bank at an APR of 9%, compounded monthly. His monthly payments
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Javier borrows $50,000 from a local bank at an APR of 9%, compounded monthly. His monthly payments amount to $50,000 (A/P, 0.75%, 60) = $1,040 for a 60-month loan. If Javier makes an extra payment on the first month of each year, his repayment duration for the loan will be reduced by how many months?
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We can solve for N using trial and error If we guess N 53 months well find that economic equivalence ...View the full answer
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Related Book For
Engineering Economy
ISBN: 978-0133439274
16th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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