Compute the number of payments required to pay off the loan


A person receives an automobile loan of $10,000 from a bank at the interest rate of 1.5% per month. His monthly payment is $500, with the first payment due one month after he receives the loan. Compute the number of payments required to pay off the loan. Note that the last payment may not be exactly $500.

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Electrical Engineering: Compute the number of payments required to pay off the loan
Reference No:- TGS01719008

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