5.2 Application: Discount Rates and Loans Close 120120 (10 complete) 8 correct P

Question

5.2 Application: Discount Rates and Loans Close 120120 (10 complete) 8 correct P 5-24 (similar tol Question Help Help Me Solve This You haves and you ha amount of the Question Help The new You have some payments are $6 payment (due in ntermediate s 1%, your loan next regular $634 not to round any The principal of the loan must equal the PV of the payments made on the loan, so we can solve for the remaining length of time on the loan (n) 1,100 $20.50264.000 34 059 1667" 11-(1+000501067) (1-(1 +0.00191667)-(1,00591667) where C is the The new time left The amount of rm ( of months it will OK take you to pay Thus, you reduce the amount of time remaining on the loan by approximately months. (Round to one decimal place.) Enter your answer in the answer box and then click Check Answer Enter All parts showing Clear All Close part

Explanation / Answer

You need to solve right side of the equation by trial and error method. It means that you need to input different values of n to get result of $ 20,502.64.

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