A $4,500 loan at 8.4% compounded monthly was settled by a single payment of $5,500 including accrued interest. How long after the initial loan was the $5,500 payment made? For the purpose of determining the number of days in a partial month, assume that a full month has 30 days. (Do not round intermediate calculations. Round your answer to the nearest day.)

A $4,500 loan at 8.4% compounded monthly was settled by a single payment of $5,500 including accrued interest. How long after the initial loan was the $5,500 payment made? For the purpose of determining the number of days in a partial month, assume that a full month has 30 days. (Do not round intermediate calculations. Round your answer to the nearest day.)

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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