You've just bought a new flat-screen TV for $2,800 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 15 percent compounded monthly. If you take the financing and make monthly payments of $100, how long will it take to pay off the loan? How much will you pay in interest over the life of the loan? a. The number of years it will take to pay off the loan is ------years ? b. The amount you will pay in interest over the life of the loan is $ ?
You've just bought a new flat-screen TV for $2,800 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 15 percent compounded monthly. If you take the financing and make monthly payments of $100, how long will it take to pay off the loan? How much will you pay in interest over the life of the loan? a. The number of years it will take to pay off the loan is ------years ? b. The amount you will pay in interest over the life of the loan is $ ?
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 14P
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You've just bought a new flat-screen TV for
$2,800 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 15 percent compounded monthly. If you take the financing and make monthly payments of $100, how long will it take to pay off the loan? How much will you pay in interest over the life of the loan?
a. The number of years it will take to pay off the loan is ------years ?
b. The amount you will pay in interest over the life of the loan is $ ?
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