can afford a monthly payment of $1,000. He wants to take out a $60,000 loan at 8% interest rate. What should be the length of time? Round your answer to the nearest tenth of a year. A. 6.1 years B. 6.2 years C. 6.3 years D. 6.4 years
can afford a monthly payment of $1,000. He wants to take out a $60,000 loan at 8% interest rate. What should be the length of time? Round your answer to the nearest tenth of a year. A. 6.1 years B. 6.2 years C. 6.3 years D. 6.4 years
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 11E
Related questions
Question
28. Bill can afford a monthly payment of $1,000. He wants to take out a $60,000
loan at 8% interest rate. What should be the length of time? Round your
answer to the nearest tenth of a year.
A. 6.1 years
B. 6.2 years
C. 6.3 years
D. 6.4 years
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