An $84,000 business can be purchased by making a down payment of $14,000 and financing the balance with a short-term business loan at 4.50% compounded monthly with monthly payments of $1,855. 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.

An $84,000 business can be purchased by making a down payment of $14,000 and financing the balance with a short-term business loan at 4.50% compounded monthly with monthly payments of $1,855. 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.

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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