6. Your loan has a first cost of $30,000 and you know eventually the total cost...

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Question

6. Your loan has a first cost of $30,000 and you know eventually the total cost of the loan will be $48,000 over time. Out of

business economics

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Answer 1

Answer #1

6.

Ans: b.

Explanation:

According to question, we have:

where,

t = time(in years)

Using logarithms, we get:

or 5.2 years approx.

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Answer 2

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