Use the ordinary interest method to compute the time (in years) for the loan. Round your answer up to the next highest year when necessary.Principal Rate (%)$25,000Need Help?8.6ReadTimeInterestyears. $10,750

Principal (P) = $25,000Rate (R) = 8.6%Interest (I) = $10,750

Answered: Use the ordinary interest method to…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Use the ordinary interest method to compute the time (in years) for the loan. Round your answer up to the next highest year when necessary. Principal Rate (%) $25,000 8.6 Need Help? Read Time. Interest years $10,750