How is the answer 28 I do not understand how it is calculated. please give...
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How is the answer 28 I do not understand how it is calculated. please give me a step by step and don't skip any steps also show u calculate the n.
Karmen borrowed $4174.00 compounded annually to help finance her education. She contracted to repay the loan in annual payments of $312.00 each. If the payments are due at the end of each year and interest is 6% compounded annually, how long will Karmen have to make annual payments? State your answer in years and months (from 0 to 11 months). Karmen will have to make payments for 28 year(s) and o month(s)
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