can afford a monthly payment of $1,000. He wants to take out a $60,000 loan at 8% interest rate. What should be the length of time? Round your answer to the nearest tenth of a year. A. 6.1 years B. 6.2 years C. 6.3 years D. 6.4 years

can afford a monthly payment of $1,000. He wants to take out a $60,000 loan at 8% interest rate. What should be the length of time? Round your answer to the nearest tenth of a year. A. 6.1 years B. 6.2 years C. 6.3 years D. 6.4 years

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 11E

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Question

28. Bill can afford a monthly payment of $1,000. He wants to take out a $60,000
loan at 8% interest rate. What should be the length of time? Round your
answer to the nearest tenth of a year.
A. 6.1 years
B. 6.2 years
C. 6.3 years
D. 6.4 years

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