A $4,800 loan at 9.0% compounded monthly was settled by a single payment of $5,800 including accrued interest. How long after theinitial loan was the $5,800 payment made? For the purpose of determining the number of days in a partial month, assume that a fullmonth has 30 days. (Do not round intermediate calculations. Round your answer to the nearest day.)yearsmonthdays

Loan amount or Present Value = $4,800Interest rate = 9%Future Value = $5,800

Answered: A $4,800 loan at 9.0% compounded…

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

Section: Chapter Questions

Problem 1PS

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Similar questions

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What is the time period of a loan for $2,250, at 13% exact interest, if the amount of interest is $110.59? (Round to the next higher day.) O 127 days 137 days 139 days 153 days
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