A debt of $12,000 with interest at 5% compounded monthly is to be repaid by equal payments at the end of each year for three yea

Question

3 years ago

7

rs and nine months. What is the term of repayment? None 12 months 3.9 years 3.75 years

1 answer:

malfutka [58] · Answer 1 · 2022-05-03T11:35:04+03:00

5 0

Answer:

3.75 years

Step-by-step explanation:

If the debt is to be paid in 3 years, 9 months, then the term of the loan is ...

3 9/12 = 3 3/4 = 3.75 . . . years