How many regular annual payments must allysha make

Reference no: EM131932909

Question: Allysha just borrowed 42,300 dollars. She plans to repay this loan by making a special payment of 6,700 dollars in 3 years and by making regular annual payments of 6,400 dollars per year until the loan is paid off. If the interest rate on the loan is 2.27 percent per year and she makes her first regular annual payment of 6,400 dollars in one year, then how many regular annual payments of 6,400 dollars must Allysha make? Round your answer to 2 decimal places (for example, 2.89, 14.70, or 6.00).

Reference no: EM131932909

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