how long will it take to pay off a loan of $53,000 at an annual rate...
Homework Answers
The number of months has been calculated using the NPER function as follows:
=NPER(rate,pmt,pv)
=NPER(8%/12,-650,53000)
=118.05 months or 9.84 years
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(Give your answer, in dollars, correct to the nearest
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James wants to take out a loan. He can afford to make monthly
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What is the maximum amount that James can afford to borrow if
the bank charges interest at an annual rate of 8 percent,
compounded monthly?
(Give your answer, in dollars, correct to the nearest
dollar.)
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