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Artyom0805 [142]
3 years ago
14

You have just received an offer in the mail from Friendly Loans. The company is offering to loan you $4,500 with low monthly pay

ments of $80 per month. If the interest rate on the loan is an APR of 14.3 percent compounded monthly, how long will it take for you to pay off the loan
Business
1 answer:
Scorpion4ik [409]3 years ago
6 0

Answer:

It takes 8 years 4 months to pay off the loan.

Explanation:

Use Time Value of Money Techniques to find N (the period it takes to pay off the Principle Amount)

Using a financial calculator, enter the data as follows

PV = $4,500

PMT = - $80 × 12 = - $960

P/YR = 1

R = 14.3 %

FV = $0

Therefore, N = 8.3020

Conclusion ;

It takes 8 years 4 months to pay off the loan.

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Answer:

The interest rate is the amount a lender charges a borrower and is a percentage of the principal—the amount loaned. The interest rate on a loan is typically noted on an annual basis known as the annual percentage rate (APR).

Explanation:

<em>hope this helps</em>

8 0
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The operation and maintenance of a company warehouse is an example of which component of the business process?
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3 0
3 years ago
During the elaboration stage of an organization: Group of answer choices change management is the most important skill that huma
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Answer:

change management is the most important skill that human resource personnel contribute.

Explanation:

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7 0
3 years ago
I need help with this, struggling <br> no links please!! <br><br> The subject is Economics/Business.
svet-max [94.6K]

Answer:

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8 0
3 years ago
Read 2 more answers
ABC company received a special order for 5000 untis at a sales price of 10 per unit. ABC normally sells these for 12 each. Each
slamgirl [31]

Answer:

The increase in pre-tax income 20,000

Explanation:

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4 0
3 years ago
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