If you borrow $24,000 now at an interest rate of 10% per year and promise to repay the loan with payments of $3695 per year starting 1 year from now, the number of payments that you will have to make is closest to:
(a) 7
(b) 8
(c) 11
(d) 14
24,000 = 3695(P/A,10%,n)
(P/A,10%,n) = 6.4952
From 10% tables, n is close to 11
Answer is (c)
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