If you borrow $24398 with an annual rate of 9% compounded monthly and make a payment of $282 every month, you will still owe $ (whole dollars) after 50 months. Remember, when you pay the bank, you round up, when the bank pays you round down
If you borrow $24398 with an annual rate of 9% compounded monthly and make a payment of $282 every month, you will still owe $ (whole dollars) after 50 months. Remember, when you pay the bank, you round up, when the bank pays you round down
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 31P
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![If you borrow $24398 with an annual rate of 9% compounded monthly and make a payment of $282 every month, you will still owe $
(whole dollars) after 50 months. Remember, when you pay the bank, you round up, when the bank pays you, you
round down.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F96179140-ed94-42a5-b023-b8f4ee7d08b1%2F731b0034-278e-438c-bfb8-7b4ea45c13da%2F94dxjt_processed.png&w=3840&q=75)
Transcribed Image Text:If you borrow $24398 with an annual rate of 9% compounded monthly and make a payment of $282 every month, you will still owe $
(whole dollars) after 50 months. Remember, when you pay the bank, you round up, when the bank pays you, you
round down.
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