Please correct answer and don't use hend raiting cubm 100For how long will Prasad have to make payments of $191 at the end of every three months to repay a loan of $2610 ifinterest is 4% per annum compounded annually? State your answer in years and months (from 0 to 11 months).He will have to make payments for 3 year(s) and 8 month(s).

Given:Payment amount: $191 every three monthsTotal loan amount: $2610Interest rate: 4% = 0.04 per…

Answered: cubm 100 For how long will Prasad have…

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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cubm 100 For how long will Prasad have to make payments of $191 at the end of every three months to repay a loan of $2610 if interest is 4% per annum compounded annually? State your answer in years and months (from 0 to 11 months). He will have to make payments for 3 year(s) and 8 month(s).