Question: How long will it take to pay off a loan of $40,000 at an annual rate of 11% compounded monthly if you make monthly payments

How long will it take to pay off a loan of $40,000 at an annual rate of 11% compounded monthly if you make monthly payments of 5450 ? Use five decimal plac monthly percentage rate in your calculations. 10.0 Years 22.3 Years 200 Years 15.4 Yeare

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 Accounting Questions!

Suppose you purchase a part from a supplier for a unit cost of $ 4 with which you assemble red widgets. On average, you use 50,000 units of this part each year. Every time you order this particular...

(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...

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...

How long will it take to pay off a loan of $48,000 at an annual rate of 11% compounded monthly if you make monthly payments of $700 (round up)? To pay of the loan, it will take approximately years....

How long will it take to pay off a loan of $ 49,000 at an annual rate of 11 % compounded monthly if you make monthly payments of $700 (round up)? To pay off the loan, it will take approximately...

How long will it take to pay off a loan of $ 5 1 , 0 0 0 at an annual rate of 1 1 % compounded monthly if you make monthly payments of $ 6 0 0 ( round up ) ?

(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...

(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...

How long will it take to pay off a loan of $49,000 at an annual rate of 9% compounded monthly if you make monthly payments of $550? Use five decimal places for the monthly percentage rate in your...

How long will it take to pay off a loan of $51,000 at an annual rate of 8% compounded monthly if you make monthly payments of $400? Use five decimal places for the monthly percentage rate in your...

Use Maslow's hierarchy of needs to address critics' concerns that too much of advertising is directed at creating demand for products that are irrelevant to people's true needs.

Determine the distance y to the centroid of the beam?s cross-sectional area; then find the moment of inertia about the x axis. 6 in- 2 jn. IC 4 in. Tin. 1 in.

Helga bought a XYZ Corp Sep 5 0 put @ 3 . If XYZ is currently trading at $ 5 1 , what is the intrinsic value? A $ 0 B $ 1 0 0 $ 2 0 0 $ 3 0 0

Which of the following is true of Generation Z ? ( Read through all answers. ) All of the answers listed are true Prefer popular mass produced products that look just like what their friends have...

Why are behavioral objectives and lesson plans important to effective HRD interventions? What role should objectives play in the design, implementation, and evaluation of HRD programs?

What experiences have you had with online learning or training programs? How about with technology-enhanced learning, e.g., where a traditional classroom also makes use of online discussions or other...

What experiences have you had with on-the-job training? What can make it function as effectively as possible?