A $50,000 loan with interest at 8% compound semiannually is being paid off with monthly payments of

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A $50,000 loan with interest at 8% compound semiannually is being paid off with monthly payments of $400.

a) How long will it take to repay the loan?

b) How much will the time to repay the loan be reduced if payments are $40 per month larger?

Related Book For answer-question

Engineering Economy

ISBN: 978-0132554909

15th edition

Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

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Posted Date: May 18, 2023 12:04 AM

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A $50,000 loan with interest at 8% compound semiannually is being paid off with monthly payments of

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ANSWER IS To calculate the time it will take to repay the loan and determine the effect of larger mo... View the full answer

Engineering Economy

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