# Calculating the number of periods You want to borrow $600,000 to buy an apartment, and you can only afford $4,000

## Question:

Calculating the number of periods You want to borrow $600,000 to buy an apartment, and you can only afford $4,000 a month to repay the loan. Suppose the bank charges you a fixed interest rate of 4% with monthly compounding. How long will it take you to pay off the loan?

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**Related Book For**

## Principles Of Managerial Finance

**ISBN:** 9781292018201

14th Global Edition

**Authors:** Lawrence J. Gitman, Chad J. Zutter

**Question Details**

Chapter #

**5**- Time Value of MoneySection: Problems

Problem: 23

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