Question: A $4600 loan at 9.0% compounded monthly was settled by a single payment of $5600 including accrued interest. How long after the initial loan was
A $4600 loan at 9.0% compounded monthly was settled by a single payment of $5600 including accrued interest. How long after the initial loan was the $5600 payment made? For the purpose of determining the number of days in a partial month, assume that a full month has 30 days.
Step by Step Solution
★★★★★
3.49 Rating (152 Votes )
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Solution Given P 4600 A 5600 r 90 compounded ... View full answer
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
