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John takes out a loan of $10600 that charges 12% interest compounded monthly. If John makes $170 monthly payments, determine how long it will take him to pay off the loan. Round…

John takes out a loan of $10600 that charges 12% interest compounded monthly. If John makes $170 monthly payments, determine how long it will take him to pay off the loan. Round…
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2 votes
John takes out a loan of $10600 that charges 12% interest compounded monthly. If John makes $170 monthly payments, determine how long it will take him to pay off the loan. Round your answer up.

asked
User R P
by
8.5k points

1 Answer

2 votes

Answer:

it would be 70months when rounded up.

Explanation:

if not then 69months 7days

answered
User Arlen
by
8.1k points
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