Ask Question
21 December, 11:28

One of your customers has just made a purchase in the amount of $23,200. You have agreed to payments of $445 per month and will charge a monthly interest rate of 1.26 percent. How many months will it take for the account to be paid off?

+5
Answers (1)
  1. 21 December, 14:31
    0
    85.43 months

    Explanation:

    Purchase = $23,200

    Payment per month = $445

    Interest rate = 1.26%

    Therefore the solution is:

    $23,200 = $445[ (1 - 1/1.0126^t) /.0126]

    t = 85.43 months
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “One of your customers has just made a purchase in the amount of $23,200. You have agreed to payments of $445 per month and will charge a ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers