Question: How long will it take to pay off a loan of $50,000 at an annual rate of 9% 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 9% compounded monthly if you make monthly payments of 600 ( round up)? To pay off the loan it will take approximately years (Round up to the nearest integer.)

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!

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...

(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 $50,000 at an annual rate of 9% compounded monthly if you make monthly payments of $ 400 (round up)? To pay off the loan, it will take approximately...

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...

(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...

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...

a.What is the present value of a $300 perpetuity discounted back to the present at 8 percent? b. ) What is the present value of a perpetual stream of cash flows that pays $4,500 at the end of year...

How long will it take to pay off a loan of $51,000 at an annual rate of 10% compounded monthly if you make monthly payments of $600 (round up)? To pay off the loan, it will take approximately ?...

How long will it take to pay off a loan of $55,000 at an annual rate of 10% compounded monthly if you make monthly payments of $600 (round up) To pay off the loan, it will take approximately _____...

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...

Tessa had $90 in her checking account. She paid her cabl (e)/(i)nternet bill for $75. She deposited $50 from her part -time job before writing a check for $80 to pay her credit card bill. What is...

For the ages: Answer the parts of exercise 2. a. Construct a histogram and indicate the average and standard deviation. b. How many employees are within one standard deviation from the average? How...

Which of the following is the most common risk associated with growth investing? Overvaluation Low return on equity High dividend payments Low liquidity

P-1) (100 Pts.) A chemical manufacturing company (CMC) has a contract for the procurement of the neccssaly chemicals from four suppliers. The chemicals purchased from Supplier A are priced at $20...

2-8 Fulbert Timber Merchants in Brixton, UK features a large selection of building supplies, including timber, fencing and decking, mouldings, hardwood flooring, sheet materials, windows, doors,...

2-7 Use the Time/Space Collaboration and Social Tool Matrix to classify the collaboration and social technologies used by BASF..

2-6 Identify the steps that are performed in the process of selecting and checking out a book from your college library and the information that flows among these activities. Diagram the process. Are...