A pottery factory purchases a continuous belt conveyor kiln for $68,000. A 6.3% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $765.22, over what term is this loan being paid?
A) 8 years
B) 9 years
C) 10 years
D) 11 years

Question

Quizplus · Accepted Answer

C) Calculate N when PV of ordinary 11ea84dc_f571_aa58_9a63_95d2f1bd0dc0_TB1316_11_TB1316_11 periodic 11ea84dc_f571_aa59_9a63_39a4afb82b78_TB1316_11_TB1316_11 and monthly 11ea84dc_f571_aa5a_9a63_cfda0b632cc1_TB1316_11_TB1316_11 N = 156 periods; years = 10 years.

A Pottery Factory Purchases a Continuous Belt Conveyor Kiln for $68,000