It takes longer than 8 years to retire a $24,000 loan at 8% if the annual payment is $3,000.

Name: It takes longer than 8 years to retire a $24,000 loan at 8% if the annual payment is $3,000.
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Question

It takes longer than 8 years to retire a $24,000 loan at 8% if the annual payment is $3,000.​

Quizplus · Accepted Answer

If the annual payment is $3,000, it will take 8 years to pay off a loan of $24,000 at 8%, but there will still be interest accruing on the remaining balance. Therefore, it will take longer than 8 years to completely retire the loan.

It Takes Longer Than 8 Years to Retire a $24,000