A $4,500 loan at 8.4% compounded monthly was settled by a single payment of $5,500 including accrued interest. How long after the initial loan was the $5,500 payment made? For the purpose of determining the number of days in a partial month, assume that a full month has 30 days. (Do not round Intermedlate calculations. Round your answer to the nearest day.) years months days

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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A $4,500 loan at 8.4% compounded monthly was settled by a single payment of $5,500 including accrued interest. How long after the
initial loan was the $5,500 payment made? For the purpose of determining the number of days in a partial month, assume that a full
month has 30 days. (Do not round Intermedlate calculations. Round your answer to the nearest day.)
years
months
days
Transcribed Image Text:.mheducation.com Saved A $4,500 loan at 8.4% compounded monthly was settled by a single payment of $5,500 including accrued interest. How long after the initial loan was the $5,500 payment made? For the purpose of determining the number of days in a partial month, assume that a full month has 30 days. (Do not round Intermedlate calculations. Round your answer to the nearest day.) years months days
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