While Mary Corens was a student at the University of Tennessee, she borrowed $11,000 in student loans at an annual interest rate of 9%. If Mary repays $1,300 per year, then how long (to the nearest year) will it take her to repay the loan? Do not round intermediate calculations. Round your answer to the nearest whole number. How many year(s)?

While Mary Corens was a student at the University of Tennessee, she borrowed $11,000 in student loans at an annual interest rate of 9%. If Mary repays $1,300 per year, then how long (to the nearest year) will it take her to repay the loan? Do not round intermediate calculations. Round your answer to the nearest whole number. How many year(s)?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 11RE: Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the...

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