(Annuity number of periods) How long will it take to pay off a loan of $47,000 at an annual rate of 8 percent compounded monthly if you make monthly payments of $650? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is years. (Round to one decimal place.)

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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(Annuity number of periods) How long will it take to pay off a loan of $47,000 at an annual rate of 8 percent compounded monthly if you make monthly payments of $650? Use five decimal places for the monthly percentage rate in your calculations.
The number of years it takes to pay off the loan is
years. (Round to one decimal place.)
C
Transcribed Image Text:(Annuity number of periods) How long will it take to pay off a loan of $47,000 at an annual rate of 8 percent compounded monthly if you make monthly payments of $650? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is years. (Round to one decimal place.) C
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