Ask Question
1 January, 14:43

Javier took out a loan for $2700 at 12% interest, compounded annually. If he makes yearly payments of $320, will he ever pay off the loan?

+2
Answers (1)
  1. 1 January, 18:02
    0
    He will never pay off the loan because it is increasing at 324 per year, for the first year and the interest will only increase which means 320 a year will not even make a dent in the loan
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Javier took out a loan for $2700 at 12% interest, compounded annually. If he makes yearly payments of $320, will he ever pay off the loan? ...” in 📙 Mathematics 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