Answered: at period of time could you pay back a…

at period of time could you pay back a loan of $3000 by making monthly payments of $110 if interest is 11.3% compounded semi-annually? It would take __ year(s)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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in what period of time could you pay back a loan of $3000 by making monthly payments of $110 if interest is 11.3% compounded semi-annually? It would take __ year(s) and __ month(s) to pay back the loan

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