Theresa borrowed $3226.00 compoundod annually to help finance her education She contracted to repay the loan in annual payments of $314.00 each If the payments are due at the end of each year and internst is f% compounded annualy, how long will Theresa have to make annual payments? State your answer in years and months (trom 0 to 11 moniths)

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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Theresa borrowed $3226.00 compounded annually to help finance ber education She contraced to repay the loan in annual payments of $314.00 each If the payments are due at the end of each year and internst is %
compounded annually, how long will Theresa have to make annual payments? State your anwer in years and months (tom 0 to 11 months)
Theresa will have to make payments for 60 year(s) and 0 month(s)
Transcribed Image Text:Theresa borrowed $3226.00 compounded annually to help finance ber education She contraced to repay the loan in annual payments of $314.00 each If the payments are due at the end of each year and internst is % compounded annually, how long will Theresa have to make annual payments? State your anwer in years and months (tom 0 to 11 months) Theresa will have to make payments for 60 year(s) and 0 month(s)
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