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How much will you pay in interest over the life of the? loan

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Reference no: EM132576446

You've just bought a new? flat-screen TV for ?$4,000 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 11 percent compounded monthly. If you take the financing and make monthly payments of ?$120?, how long will it take to pay off the? loan? How much will you pay in interest over the life of the? loan?

a. The number of years it will take to pay off the loan is ? 3.3 years

b. The amount you will pay in interest over the life of the loan is?

Reference no: EM132576446

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