George Andronikashvili has a trade credit with balance of $6,000. George signed a special note, which enables
Question:
George Andronikashvili has a trade credit with balance of $6,000. George signed a special note, which enables him to pay 4 percent of the debt balance each month, which is $240. How many months should George make the payments if the company charges him 15 percent APR compounded monthly?
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To calculate the number of months George should make payments we need to first calculate the total amount he needs to pay back including the interest ...View the full answer
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Related Book For 
Foundations Of Finance
ISBN: 9781292155135
9th Global Edition
Authors: Arthur J. Keown, John D. Martin, J. William Petty
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