Jim borrows 52000 from a local bank at an apr of 72, Ask an Expert

Economics

Jim 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?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91240294

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