A loan of $9000.00 was repaid together with interest of $3728.00. i 9.4% compounded quarterly, how long was the loan taken out? (Give years and months to the nearest tenth) O 3 years and 8.8 months O 5 years and 2.3 months O 4 years and 6 months O 6 years 4
A loan of $9000.00 was repaid together with interest of $3728.00. i 9.4% compounded quarterly, how long was the loan taken out? (Give years and months to the nearest tenth) O 3 years and 8.8 months O 5 years and 2.3 months O 4 years and 6 months O 6 years 4
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
Related questions
Question
Please do not give solution in image format thanku
Transcribed Image Text:A loan of $9000.00 was repaid together with interest of $3728.00. If interest was
9.4% compounded quarterly, how long was the loan taken out? (Give answer in
years and months to the nearest tenth.)
O 3 years and 8.8 months
O 5 years and 2.3 months
O 4 years and 6 months
O 6 years
4
In how many months will $3500 grow to $4845.94 at 7.25% p.a.? (simple interest)
O 60 months
O 64 months
O 36 months
O 45 months
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Recommended textbooks for you
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education