Paul obtained a loan of $20,000 at 4.10 % compounded monthly. How long will it take to settle the loan with payments of $1,200 at the end of every month?

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5Q: If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the...
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Paul obtained a loan of $20,000 at 4.10 % compounded monthly. How long will it take to
settle the loan with payments of $1,200 at the end of every month?
Transcribed Image Text:Paul obtained a loan of $20,000 at 4.10 % compounded monthly. How long will it take to settle the loan with payments of $1,200 at the end of every month?
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