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Bob borrows $52000 from a local bank at an APR of 7.2% compounded monthly. His monthly payments are $52000(A/P, 0.6%, 54) = $1128 for a 54 month loan. If Jim makes an extra payment on the first month of each year, his repayment duration for the loan will be reduced to how many months?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M91407040

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