Answer to Question #188260 in Finance for saroj

Question #188260

Nancy perkins borrow $2000 at 5% and she is going to make annual payments of $734.42.How long before nancy off the loan.

Expert's answer

total amount"= \\frac{105}{100} \\times 2000"

$ 2100

Annual payment= $734

"Duration=\\frac{2100}{734}"

= 2.86

Answer 3 years

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