You borrow $300,000.00 that charges you 5.1% interest, compounded monthly. You will make payments monthly in the amount of $2,000.00. How many payments will it take for you to payoff the loan? It will take monthly payments. (Round to 2 decimal places.)

Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...
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You borrow $300,000.00 that charges you 5.1% interest, compounded monthly. You will make payments
monthly in the amount of $2,000.00. How many payments will it take for you to payoff the loan?
It will take
monthly payments. (Round to 2 decimal places.)
Transcribed Image Text:You borrow $300,000.00 that charges you 5.1% interest, compounded monthly. You will make payments monthly in the amount of $2,000.00. How many payments will it take for you to payoff the loan? It will take monthly payments. (Round to 2 decimal places.)
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