The Art Gallery is notoriously known as a slow-payer. The firm currently needs to borrow $25,000 and only one company will loan to them. The terms of the loan call for weekly payments of $500 at a weekly interest rate of .45%. What is the loan term?A 42.5 weeks B 43.33 weeks C 45.00 weeks D 50.11 weeks E 56.77 weeks

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Asked Sep 29, 2019
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The Art Gallery is notoriously known as a slow-payer. The firm currently needs to borrow $25,000 and only one company will loan to them. The terms of the loan call for weekly payments of $500 at a weekly interest rate of .45%. What is the loan term?

A  
42.5 weeks 
B  
43.33 weeks 
C  
45.00 weeks 
D  
50.11 weeks 
E  
56.77 weeks

 

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Expert Answer

Step 1

The term of the loan can be found out using the NPER function of excel. It works witht he folo...

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