A $4000 loan at 4.8% compounded monthly was settled by a single payment of $5000 including accrued

Question:

A $4000 loan at 4.8% compounded monthly was settled by a single payment of $5000 including accrued interest. Rounded to the nearest day, how long after the initial loan was the $5000 payment made? For the purpose of determining the number of days in a partial month, assume that a full month has 30 days.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: