Answered: 2.60. You have borrowed $10,000 from a…

2.60. You have borrowed $10,000 from a bank at the interest rate of 1% per month. Your monthly payment is $554.15. Find the time required to repay the loan.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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You have borrowed $10,000 from a bank at the interest rate of 1% per month. Yourmonthly payment is $554.15. Find the time required to repay the loan.
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