A car loan of $19,055.04 is to be repaid with end-of-month payments of $369.28. If interest is 4% compounded monthly, how long is the term of the loan? State your answer in years and months (from 0 to 11 months). It will require nothing year(s) and nothing month(s) to repay the loan.

A car loan of $19,055.04 is to be repaid with end-of-month payments of $369.28. If interest is 4% compounded monthly, how long is the term of the loan? State your answer in years and months (from 0 to 11 months). It will require nothing year(s) and nothing month(s) to repay the loan.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

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Question

A car loan of

$19,055.04

is to be repaid with end-of-month payments of

$369.28.

If interest is

compounded

monthly,

how long is the term of the loan? State your answer in years and months (from 0 to 11 months).

It will require

nothing

year(s) and

nothing

month(s) to repay the loan.

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