JUVE ANGYour company has received a $50,000 loan from an industrial finance company. The annual payments are $6,202.70. If the company is paying interest of .09 peryear, how many loan payments must the company make? (Hint: Calculating by hand is difficult, try using a calculator/excel/etc.)Instruction: Round to the nearest whole number. E.g., if your answer is 77.77, you should type ONLY the number 78, neither 77.77, nor 77.8.Otherwise, Blackboard will treat it as a wrong answer.

We need to solve the number of payments in the formula below:Since number of payments is a power, we…

Answered: Your company has received a $50,000…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Your company has received a $50,000 loan from an industrial finance company. The annual payments are $6,202.70. If the company is paying interest of .09 per year, how many loan payments must the company make? (Hint: Calculating by hand is difficult, try using a calculator/excel/etc.) Du 777