Kiara obtained a loan of $22,500 at 6% compounded quarterly. How long (rounded up to the next payment period) would it take to settle the loan with payments of $2,810 at the end of every quarter? year(s) month(s) Express the answer in years and months, rounded to the next payment period

Kiara obtained a loan of $22,500 at 6% compounded quarterly. How long (rounded up to the next payment period) would it take to settle the loan with payments of $2,810 at the end of every quarter? year(s) month(s) Express the answer in years and months, rounded to the next payment period

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 17P

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Calculating the Return On A Loan

Question

Kiara obtained a loan of $22,500 at 6% compounded quarterly. How long (rounded up
to the next payment period) would it take to settle the loan with payments of $2,810 at
the end of every quarter?
year(s)
month(s)
Express the answer in years and months, rounded to the next payment period

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