An $82,000 business can be purchased by making a down payment of $17,000 and financing the balance with a short-term business loan at 4.50% compounded monthly with monthly payments of $1,875. How long will it take to pay off the loan year(s) + month(s) Round up to the next payment period. Give your answer in years and months.

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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An $82,000 business can be purchased by making a down payment of $17,000 and
financing the balance with a short-term business loan at 4.50% compounded monthly
with monthly payments of $1,875. How long will it take to pay off the loan
year(s) +
month(s)
Round up to the next payment period. Give your answer in years and months.
Transcribed Image Text:An $82,000 business can be purchased by making a down payment of $17,000 and financing the balance with a short-term business loan at 4.50% compounded monthly with monthly payments of $1,875. How long will it take to pay off the loan year(s) + month(s) Round up to the next payment period. Give your answer in years and months.
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