Solutions to Chapter 1

Payments are made monthly, and the monthly interest rate is 1%. We need to equate this expression to the amount borrowed ($4,248.68) and solve for the number of months (t). months, or 2 years. Using a financial calculator, enter: PV = (()4248.68, FV = 0, i = 1%, PMT = 200, and compute n = 24. ................
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