Show your complete solution. Vince loaned a certain amount from a cooperative and promised to pay it back with 2.37times his original loaned amount. They agreed a nominal interest rate of 10.27 %compounded every 4 months every year for n years. How many n years before he pay allhis loan with interest?Answer rounded off with two 2 decimal places.

In this we have to calculate the loan amount and from that we can the payment.

Answered: Vince loaned a certain amount from a…

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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Vince loaned a certain amount from a cooperative and promised to pa imes his original loaned amount. They agreed a nominal interest rate c compounded every 4 months every year forn years. How many n year: nis loan with interest? Answer rounded off with two 2 decimal places.