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Business, 29.03.2021 15:50 highlander4215

Kendall borrows $100,000 on January 1, 1993 to be repaid in 12 annual installments at an effective annual rate of interest of 8%. The first payment is due on January 1, 1994. Instead of annual payments she decides to make monthly payments equal to one-twelfth the annual payment beginning on February 1, 1993. Determine how many months will be needed to pay off the loan.

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Kendall borrows $100,000 on January 1, 1993 to be repaid in 12 annual installments at an effective a...
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