A $4,800 loan at 9.0% compounded monthly was settled by a single payment of $5,800 including accrued interest. How long after the initial loan was the $5,800 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 intermediate calculations. Round your answer to the nearest day.) month days years
A $4,800 loan at 9.0% compounded monthly was settled by a single payment of $5,800 including accrued interest. How long after the initial loan was the $5,800 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 intermediate calculations. Round your answer to the nearest day.) month days years
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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Transcribed Image Text:A $4,800 loan at 9.0% compounded monthly was settled by a single payment of $5,800 including accrued interest. How long after the
initial loan was the $5,800 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 intermediate calculations. Round your answer to the nearest day.)
month
days
years
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