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debt of $39 000 is repaid by payments of $2000 made at the end of every six months. Interest is 9.6% compounded semi-annually. How many payments are needed to repay the debt? a.57 b.58 c.59 d.60

debt of $39 000 is repaid by payments of $2000 made at the end of every six months. Interest is 9.6% compounded semi-annually. How many payments are needed to repay the debt? a.57 b.58 c.59 d.60

Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter13: Sequences And Series
Section13.4: Mathematics Of Finance
Problem 26E
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A debt of $39 000 is repaid by payments of $2000 made at the end of every six months. Interest is 9.6% compounded semi-annually.

How many payments are needed to repay the debt?

a.57
b.58
c.59
d.60
 
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