Question: How long will it take to pay off a loan of $50,000 at an annual rate of 12% compounded monthly if you make monthly payments

How long will it take to pay off a loan of $50,000 at an annual rate of 12% compounded monthly if you make monthly payments of $750? Use five decimal places for the monthly percentage rate in your calculations.

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!

The friction hook is made from a fixed frame which is shown colored and a cylinder of negligible weight. A piece of paper is placed between the smooth wall and the cylinder. Determine the smallest...

(Annuity number of periods) How long will it take to pay off a loan of $46 000 at an annual rate of 11 percent compounded monthly if you make monthly payments of S7507 Use five decimal places for the...

How long will it take to pay off a loan of $ 49, 000 at an annual rate of 8 percent compounded monthly if you make monthly payments of $ 600 ? Use five decimal places for the monthly percentage rate...

How long will it take to pay off a loan of $53 000 at an annual rate of 9 percent compounded monthly if you make monthly payments of $500? Use five decimal places for the monthly percentage rate in...

How long will it take to pay off a loan of $46,000 at an annual rate of 8% compounded if you make monthly payments of $400? Use five decimal places for the monthly percentage rate in your...

How long will it take to pay off a loan of $53,000 at an annual rate of 12% compounded monthly if you make monthly payments of $800 (round up)? To pay off the loan, it will take approximately years....

How long will it take to pay off a loan of $ 4 9 , 0 0 0 at an annual rate of 1 2 % compounded monthly if you make monthly payments of $ 6 0 0

6 of 12 (9 complete) 14 pts similar to) amber of periods) How long wil it take to pay off a loan of $54,000 at an annual rate of percent compounded monthly ill you make monthly payments of S6002 Use...

(Annuity number of periods)How long will it take to pay off a loan of $52,000 at an annual rate of 8% compounded monthly if you make monthly payments of $500? Use five decimal places for the monthly...

help please how long will it take to pay off a loan of $45,000 at an annual rate of 11% compounded monthly if you make monthly payments of $450? Use five decimal places for the monthly percentage...

(Annuity number of periods). How long will it take to pay off a loan of $54,000 at an annual rate of 9% compounded monthly if you make monthly payments of $500? Use five decimal places for the...

Draw the shear diagram for the beam. Draw the moment diagram for the beam. PLEASE HELP! NOT SURE WHAT I AM DOING WRONG! + add vertical line off V.KN 60.0 T 45.0+ 30.0+ 15.0+ O -15.0+ -30.0 -45.0+...

Thinking back on the previous few chapters, what three aspects of your independent variable(s) and one aspect of your dependent variable determine the specific inferential procedure to perform in a...

11.10 In the op amp circuit in Fig. 11.42, find the total average power absorbed by the resistors. Vocos at V ww R R ww R

Calculate the nominal annual cost of non-free trade credit under each of the following terms. Assume payment is made either on the due date or on the discount date. a. 1/15, net 20. b. 2/10, net 60....

Recording Seven Typical Adjusting Entries Cardons Boat Yard, Inc., repairs, stores, and cleans boats for customers. It is completing the accounting process for the year just ended, November 30, 2012....

Versailles Co., a womens clothing store, purchased $18,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Versailles Co. returned $3,000 of the merchandise, receiving a...

Performance Measures. Information from the Form 990 for the American Heart Association for the fiscal year ending June 30, 2007, follows. Required a. Compute the following performance measures using...

Figure shows an arrangement of 15 identical disks that have been glued together in a rod-like shape of length L = 1.0000 m and (total) mass M = 100.0 mg. The disk arrangement can rotate about a...

Kabelo and Hendrik are joint owners of Fitness Gym. They are currently investigating the option of investing in cryotherapy, a cold therapy that may reduce inflammation in tendons or joints. Their...

1. Identify nonverbal behaviors that regulate turn taking within the team. Apply what youve learned in this chapter by analyzing the following case study, using the accompanying questions as a guide....

4. Attend a public hearing at your school or in the nearby community. It could be a meeting about zoning, placement of a public facility, etc. Observe nonverbal communication such as where public...

1. R. E. Axtell. (1998). Gestures: The dos and taboos of body language around the world. New York: John Wiley. This is a very readable book that provides fascinating examples of how different...