Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Mila need to take out a loan to buy a computer that costs $2,375. Infrared bank can give her the loan at 12% p.a. interest rate compounded monthly. If she borrows the funds from Infrared Bank and pays $1000 per month how many years will it take her to pay back the loan? (Show calculations and show answer correct to two decimal places.)
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