You want to take out a loan to buy a new car for which you need to finance $20,089. Your bank will give you a loan at 10% compounded monthly

Question

You want to take out a loan to buy a new car for which you need to finance $20,089. Your bank will give you a loan at 10% compounded monthly. You look at your budget and decide that you can afford a payment of $269 a month. How many years, to the nearest tenth of a year, must the loan be taken out to meet these conditions?
A) 20.5 years
B) 13.7 years
C) 9.8 years
D) 5.9 years

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Doris 5 years 2021-08-30T03:58:25+00:00 1 Answers 15 views 0

Answers ( )

  1. thienthi
    0
    2021-08-30T04:00:17+00:00
    Reply

    The answer is b 9.8 years

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