If Phil borrows $40,000 from a loan company at an interest rate of 6.5% per year compounded weekly, and plans to make a payment of $800 per quarter, how may years will it take him to pay off the loan? 26.3 2 26.0 3 25.1 4 23.3

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 19PROB
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If Phil borrows $40,000 from a loan company at an
interest rate of 6.5% per year compounded weekly,
and plans to make a payment of $800 per quarter, how
may years will it take him to pay off the loan?
1 26.3
2
26.0
3 25.1
4
23.3
Transcribed Image Text:If Phil borrows $40,000 from a loan company at an interest rate of 6.5% per year compounded weekly, and plans to make a payment of $800 per quarter, how may years will it take him to pay off the loan? 1 26.3 2 26.0 3 25.1 4 23.3
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