While Mary Corens was a student at the University of Tennessee, she borrowed $15,000 in student loans at an annual interest rate of 10%. If Mary repays $1,800 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. ________year(s)
While Mary Corens was a student at the University of Tennessee, she borrowed $15,000 in student loans at an annual interest rate of 10%. If Mary repays $1,800 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. ________year(s)
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 23PROB
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While Mary Corens was a student at the University of Tennessee, she borrowed $15,000 in student loans at an annual interest rate of 10%. If Mary repays $1,800 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.
________year(s)
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