Natalie must borrow $647 from the bank to pay her phone bill. She plans to...

60.1K

Verified Solution

Question

Accounting

Natalie must borrow $647 from the bank to pay her phone bill. She plans to repay this loan by making monthly payments to the bank of $47.85 per month if the annual interest rate on the loan is 10.79% and she makes her first $47.85 payment in one month from today then how many payments must Natalie make?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students