Homework Answers
Loan Amount = $4,700
Payment = $5,700
Interest Rate = 8.7%
So
5,700 = 4,700(1 + 0.087/12)n
Using log,
n = log(57/47)/log(1 + 0.087/12)
n = 26.7037 months
24 months = 2 years
0.7037(30) = 21 days
Time Period = 2 years and 2 months and 21 days
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