Your company has received a $50,000 loan from an industrial finance company. The annual payments are $6,202.70. If the company is paying interest of .09 per year, how many loan payments must the company make? (Hint: Calculating by hand is difficult, try using a calculator/excel/etc.) Du 777
Your company has received a $50,000 loan from an industrial finance company. The annual payments are $6,202.70. If the company is paying interest of .09 per year, how many loan payments must the company make? (Hint: Calculating by hand is difficult, try using a calculator/excel/etc.) Du 777
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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Question
![JUVE ANG
Your company has received a $50,000 loan from an industrial finance company. The annual payments are $6,202.70. If the company is paying interest of .09 per
year, how many loan payments must the company make? (Hint: Calculating by hand is difficult, try using a calculator/excel/etc.)
Instruction: Round to the nearest whole number. E.g., if your answer is 77.77, you should type ONLY the number 78, neither 77.77, nor 77.8.
Otherwise, Blackboard will treat it as a wrong answer.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F031fd9f2-1e0b-4015-8602-0bf445e7c62c%2Ff76978b7-6755-4962-bbe1-9000b9d64a74%2Fjrtnugq_processed.png&w=3840&q=75)
Transcribed Image Text:JUVE ANG
Your company has received a $50,000 loan from an industrial finance company. The annual payments are $6,202.70. If the company is paying interest of .09 per
year, how many loan payments must the company make? (Hint: Calculating by hand is difficult, try using a calculator/excel/etc.)
Instruction: Round to the nearest whole number. E.g., if your answer is 77.77, you should type ONLY the number 78, neither 77.77, nor 77.8.
Otherwise, Blackboard will treat it as a wrong answer.
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