Today,the Corner Store borrowed $11,680 at 6.3 percent,compounded monthly.The loan payment is $195.23 a month.How many loan payments must the firm make before the loan is paid in full?

Name: Today,the Corner Store borrowed $11,680 at 6.3 percent,compounded monthly.The loan payment is $195.23 a month.How many loan payments must the firm make before the loan is paid in full?
Brand: Quizplus
Rating: 4.7 (52 reviews)

Question

Quizplus · Accepted Answer

$11,680 = $195.23({1 - 1 / [1 + (0.063 / 12)]^T} / (0.063 / 12)) T = 72 months 11ea5bb7_de39_47b9_8724_1f2f525ea43e_TB1005_00

Today,the Corner Store Borrowed $11,680 at 6