How many additional months are required to pay off the loan

Reference no: EM131975067

Question: A firm borrows $200,000 at 9 percent nominal interest, compounded monthly and is to repay the loan in 12 years with regular monthly payments of 52276.06. the firm has the option of paying off in advance, and after the sixth year makes an additional $50,000 payment. If it continues the $2276.0 payments, how many additional months are required to pay off the loan?

Reference no: EM131975067

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