One of your customers has just made a purchase in the amount of $29,600. You have agreed to payments of $650 per month and will charge a monthly interest rate of 1.5 percent. How many months will it take for the account to be paid off? Multiple Choice 7718 months 45.54 months 8312 months O 34.97 months 72.03 months

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
Question
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One of your customers has just made a purchase in the amount of $29,600. You have agreed to payments of $650 per month and will charge a monthly interest rate of 1.5 percent. How many months will it take for the account to be paid off?
Multiple Choice
7718 months
45.54 months
8312 months
O
34.97 months
72.03 months
Transcribed Image Text:One of your customers has just made a purchase in the amount of $29,600. You have agreed to payments of $650 per month and will charge a monthly interest rate of 1.5 percent. How many months will it take for the account to be paid off? Multiple Choice 7718 months 45.54 months 8312 months O 34.97 months 72.03 months
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