While Mary Corens was a student at the University of Tennessee, she borrowed $11,000 in student loans at an annual interest rate of 9%. If Mary repays $1,300 per year, then how long (to the nearest year) will it take her to repay the loan? Do not round intermediate calculations. Round your answer to the nearest whole number. How many year(s)?
While Mary Corens was a student at the University of Tennessee, she borrowed $11,000 in student loans at an annual interest rate of 9%. If Mary repays $1,300 per year, then how long (to the nearest year) will it take her to repay the loan? Do not round intermediate calculations. Round your answer to the nearest whole number. How many year(s)?
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 6E
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While Mary Corens was a student at the University of Tennessee, she borrowed $11,000 in student loans at an annual interest rate of 9%. If Mary repays $1,300 per year, then how long (to the nearest year) will it take her to repay the loan? Do not round intermediate calculations. Round your answer to the nearest whole number.
How many year(s)?
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