Repaying a Loan While Mary Corens was a student at the University of Tennessee, she borrowed $11,000 in student loans at an annual interest rate of 8%. I $1,600 per year, then how long (to the nearest year) will it take her to repay the loan? Do not round intermediate calculations. Round your a nearest whole number. 10 year(s)
Repaying a Loan While Mary Corens was a student at the University of Tennessee, she borrowed $11,000 in student loans at an annual interest rate of 8%. I $1,600 per year, then how long (to the nearest year) will it take her to repay the loan? Do not round intermediate calculations. Round your a nearest whole number. 10 year(s)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 4FPE: Calculating single-payment loan amount due at maturity. Stanley Price plans to borrow 8,000 for five...
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