Question: How long (in years) will it take Michael Garbin to pay off a $5000 loan with monthly payments of $156.49 if the add-on interest rate

How long (in years) will it take Michael Garbin to pay off a $5000 loan with monthly payments of $156.49 if the add-on interest rate is 5.1%?

Michael Garbin would take ___ years to pay off a $5000 loan amount.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

A project consists of three tasks. Task A is scheduled to begin at the start of Week 1 and finish at the end of Week 3. Task B is scheduled to begin at the start of Week 1 and finish at the end of...

Q:

How long (in years) will it take Michael Garbin to pay off a $5000 loan with monthly payments of $137.04 if the add-on interest rate is 6.7% ? Michael Garbin would take years to pay off a $5000 loan...

Q:

How long (in years) will it take Michael Garbin to pay off $6000 loan with monthly payments of $162.97 if the add-on interest rate is 7.2%

Q:

erHomework.aspx?homeworkld=641732042&questionld=1&flushed=false&cld=7262786¢erwin=yes THEMATICS - MTH 201 OL1 Spring 2023 ravyn huerta 04/28/23 9:18 PM ? 2 Question 1, 13.2.1 HW Score: 0%, 0 of...

Q:

How long (in years) will it take Michael Garbin to pay off an $8000 loan with monthly payments of $153.18 if the add-on interest rate is 9.4% ? Michael Garbin would take years to pay off an $8000...

Q:

How long (in years) will it take Michael Garbin to pay off an $ 8000 loan with monthly payments of $ 125.27 if the add-on interest rate is 8.5 %?

Q:

How long ( in years ) will it take Michael Garbin to pay off aa $ 3 0 0 0 loan with monthly payments of $ 1 1 7 . 9 3 if the add - on interest rate is 6 . 9 6 % ? Q

Q:

1- If 1500 dollars is invested in an account for 10 years. Find the value of the investment at the end of 10 years if the interest is: a) 6% compounded annually: $ b) 6% compounded semiannually: $ a)...

Q:

Exercises: Annuities Question 1 Which of the following best describes an annuity? O Deposits are made at random (whenever you have extra money) into an account earning interest. O A lump sum is...

Q:

Question 1 ALL OTHER THINGS REMAINING THE SAME, THE ______ THE NUMBER OF PAYMENTS THE _______ THE PRESENT VALUE OF AN ANNUITY WILL BE. I. HIGHER; HIGHER II. HIGHER; LOWER III. LOWER; LOWER IV. LOWER;...

Q:

only need e and f 1. (35 points) You have decided to purchase a house in livable, lovable Lodi that is priced at $650,000. You decided to put $ 130,000 as a down payment and borrow $520,000 from the...

Q:

Ritz Productss materials manager, Tej Dhakar, must determine whether to make or buy a new semiconductor for the wrist TV that the firm is about to produce. One million units are expected to be...

Q:

Calculate the formula mass of the following molecules to three significant figures. N' ( (b) (a)

Q:

2. The items listed in the Call statement are referred to as _____________________. a. arguments b. parameters c. passers d. none of the above

Q:

Q3. Assume you are at an interview at XYZ Company and the interviewer ask you following situational questions, how will you respond to them? Your supervisor has told you to do something a certain...

Q:

This case study states that nurses and other medical staff need to manage the emotions of their patients. Why is emotions management important in this job? In what ways do medical staff alter the...

Q:

Mr. Toriop owns 5,000 shares of stock in Yummy Corporation. The company has announced that it will pay a dividend of $5 per share in one year and a liquidating dividend of $50 per share in two years....

Q:

Which perspective is characterized with the introduction of various types of promotional campaigns? Select an answer and submit. For keyboard navigation, use the up / down arrow keys to select an...

Q:

1. Determine what circumstances are causing the most stress in your life. For example, are you trying to work too many hours while going to school? Are you experiencing parental or peer pressure? Do...

Q:

Timeline for implementation report

Q:

a. What aspects of the situation are under your control?