Need help While Bob Jones was a student at TiffinUniversity, he borrowed $43,063 instudent loans at an annual rate of 7percent. If Bob repays $500 per month,how long, to the nearest year, will it takehim to repay the loan?

Given:Monthly payment (M): $500 Loan amount (P): $43,063Monthly interest (r): 7% or 0.07/12=…

Answered: While Bob Jones was a student at Tiffin…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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While Bob Jones was a student at Tiffin University, he borrowed $43,063 in student loans at an annual rate of 7 percent. If Bob repays $500 per month, how long, to the nearest year, will it take him to repay the loan?