Today,the Corner Store borrowed $5,250 at 7.2 percent,compounded monthly.The loan payment is $114.11 a month.How many loan payments must the firm make before the loan is paid in full?

Name: Today,the Corner Store borrowed $5,250 at 7.2 percent,compounded monthly.The loan payment is $114.11 a month.How many loan payments must the firm make before the loan is paid in full?
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Question

Quizplus · Accepted Answer

$5,250 = $114.11({1 - 1/[1 + (.072/12)]^T}/(.072/12));T = 54 months

Today,the Corner Store Borrowed $5,250 at 7