Answer to Question #188260 in Finance for saroj

Question

Nancy perkins borrow $2000 at 5% and she is going to make annual payments of $734.42.How long before nancy off the loan.

Answer 1

total amount$= \frac{105}{100} \times 2000$

$ 2100

Annual payment= $734

$Duration=\frac{2100}{734}$

= 2.86

Answer 3 years