a. How long will it take monthly payments of $400 to repay a $50,000 loan if the
Question:
a. How long will it take monthly payments of $400 to repay a $50,000 loan if the interest rate on the loan is 8% compounded semiannually?
b. How much will the time to repay the loan be reduced if the payments are $40 per month larger?
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a The loan payments form an ordinary general annuity having The number of monthly ...View the full answer
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Related Book For 
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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