For how long will Markus have to make payments of $179 at the end of every year to repay a loan of $2130 if interestis 7% per annum compounded quarterly? State your answer in years and months (from 0 to 11 months).www.

Loan amount=$2130Annual payment=$179Interest rate=7%Compounding quarterly.

For how long will Markus have to make payments of $179 at the end of every year to repay a loan of $2130 if intere is 7% per annum compounded quarterly? State your answer in years and months (from 0 to 11 months)

For how long will Markus have to make payments of $179 at the end of every year to repay a loan of $2130 if intere is 7% per annum compounded quarterly? State your answer in years and months (from 0 to 11 months)

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 4FPE: Calculating single-payment loan amount due at maturity. Stanley Price plans to borrow 8,000 for five...

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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

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For how long will Markus have to make payments of $179 at the end of every year to repay a loan of $2130 if interest
is 7% per annum compounded quarterly? State your answer in years and months (from 0 to 11 months).
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