Lush Gardens Co. bought a new truck for $70,000. It paid $7,000 of this amount as a down payment and financed the balance at 5.50% compounded semi-annually. If the company makes payments of $1,700 at the end of every month, how long will it take to settle the loan? answer in years and months ______years and _____months
Lush Gardens Co. bought a new truck for $70,000. It paid $7,000 of this amount as a down payment and financed the balance at 5.50% compounded semi-annually. If the company makes payments of $1,700 at the end of every month, how long will it take to settle the loan? answer in years and months ______years and _____months
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1EB: Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the...
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Lush Gardens Co. bought a new truck for $70,000. It paid $7,000 of this amount as a down payment and financed the balance at 5.50% compounded semi-annually. If the company makes payments of $1,700 at the end of every month, how long will it take to settle the loan? answer in years and months
______years and _____months
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