Time to repay Instaliment loan Personal Finance Problem Mia Saito wishes to determine how long...
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Time to repay Instaliment loan Personal Finance Problem Mia Saito wishes to determine how long it will take to repay a $20,000 loan given that the lender requires her to make annual end-of-year installment payments of 54.813. a. If the interest rate on the loan is 14%, how long will it take for her to repay the loan fly? b. How long will it take if the interest rate is 11% c. How long will it take if she has to pay 17% annual interest? d. Reviewing your answers in parts a, b, and , describe the general relationship between the interest rate and the amount of time it will take Mia to repay the loan fully a. I Mia can borrow at an annual interest rate of 14%, the amount of time it will take for her to repay the loan fully in years. (Round to two decimal places.)
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