Kevan needed a loan for $8500 and was offered an interest rate of 6.2% compounding weekly. Kevan decided to make monthly payments instead of paying off the loan all at once. Why would this be financially beneficial for Kevan to pay off the loan in monthly payments?
Kevan needed a loan for $8500 and was offered an interest rate of 6.2% compounding weekly. Kevan decided to make monthly payments instead of paying off the loan all at once. Why would this be financially beneficial for Kevan to pay off the loan in monthly payments?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Kevan needed a loan for $8500 and was offered an interest rate of 6.2% compounding weekly. Kevan decided to make monthly payments instead of paying off the loan all at once. Why would this be financially beneficial for Kevan to pay off the loan in monthly payments?
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