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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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%. If Mary repays
$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 answer to the
nearest whole number.
10 year(s)
Transcribed Image Text: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%. If Mary repays $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 answer to the nearest whole number. 10 year(s)
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