You borrowed $800 at 6% compounded annually. Approximately how many years will you make payments on
Fantastic news! We've Found the answer you've been seeking!
Question:
You borrowed $800 at 6% compounded annually. Approximately how many years will you make payments on the loan if:
A. Your annual payment is $60?
B. Your annual payment is $48? (Hint: Why did the calculator provide an answer if the payment is $60, while returning an "error" message if the payment is $48?
What would the answer be if the payment were $51?
Related Book For
Foundations of Finance The Logic and Practice of Financial Management
ISBN: 978-0132994873
8th edition
Authors: Arthur J. Keown, John D. Martin, J. William Petty
Posted Date: