Lush Gardens Co. bought a new truck for $50,000. It paid $5,000 of this amount as a down payment and financed the balance at 4.65% compounded semi-annually. If the company makes payments of $2,000 at the end of every month, how long will it take to settle the loan? Express the answer in years and months, rounded to the next payment period

Lush Gardens Co. bought a new truck for $50,000. It paid $5,000 of this amount as a down payment and financed the balance at 4.65% compounded semi-annually. If the company makes payments of $2,000 at the end of every month, how long will it take to settle the loan? Express the answer in years and months, rounded to the next payment period

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 17P

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