Alice borrowed $8,000 from her grandmother to buy a car when she started college. The interest rate being charged is 4.5% compounded monthly. Alice is to make the first $200 month-end payment three...

Alice borrowed $8,000 from her grandmother to buy a car when she started college.<br>The interest rate being charged is 4.5% compounded monthly. Alice is to make the<br>first $200 month-end payment three years after the date of the loan. How many<br>payments will be required to pay off the loan? (round up to whole number)<br>

Extracted text: Alice borrowed $8,000 from her grandmother to buy a car when she started college. The interest rate being charged is 4.5% compounded monthly. Alice is to make the first $200 month-end payment three years after the date of the loan. How many payments will be required to pay off the loan? (round up to whole number)

Jun 10, 2022

SOLUTION.PDF

Sun	Mon	Tue	Wed	Thu	Fri	Sat
30	31	1	2	3	4	5
6	7	8	9	10	11	12
13	14	15	16	17	18	19
20	21	22	23	24	25	26
27	28	29	30	1	2	3

Alice borrowed $8,000 from her grandmother to buy a car when she started college. The interest rate being charged is 4.5% compounded monthly. Alice is to make the first $200 month-end payment three...

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