A car loan of ​$37,412.98 is to be repaid with​ end-of-month payments of ​$725.06. If interest is 5​% compounded monthly​,how long is the term of the​ loan? State your answer in years and months​ (from 0 to 11​ months).

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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A car loan of ​$37,412.98 is to be repaid with​ end-of-month payments of ​$725.06. If interest is 5​% compounded monthly​,how long is the term of the​ loan? State your answer in years and months​ (from 0 to 11​ months).

 

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