Find the time (rounded up to the nearest month) that it takes to pay off a loan of $100,000 at 6% APR compounded monthly with payments of $1250 per month. years, months (Round up to the nearest month.)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Find the time (rounded up to the nearest month) that it takes to pay off a loan of $100,000 at 6% APR compounded monthly with payments of $1250 per month.
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Transcribed Image Text:4.4.89 Question Help ▼ Find the time (rounded up to the nearest month) that it takes to pay off a loan of $100,000 at 6% APR compounded monthly with payments of $1250 per month. |years, months (Round up to the nearest month.) Enter your answer in the edit fields and then click Check Answer. Check Answer Clear All All parts showing Pearson en to W MacBook Air DII F11
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