3 If you borrow $24,000 now at an interest rate of10% per

Chapter 3, Problem 3.73

(choose chapter or problem)

3 If you borrow $24,000 now at an interest rate of10% per year and promise to repay the loan withpayments of $3695 per year starting 1 year fromnow, the number of payments that you will have tomake is closest to:(a) 7 (b) 8 (c) 11 (d) 14

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