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).
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).
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 11PROB
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Transcribed Image Text: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).
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