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| rev | Admin | (Created page with "On the first of the month, Chuck took out a business loan for 50,000, with payments at the end of each month based on an annual nominal interest rate compounded monthly. Each monthly payment is equal to 800, except for a final drop payment. Immediately after the first payment the balance owed was 49,800. Calculate the number of payments that Chuck needed to pay off the loan. <ul class="mw-excansopts"><li>115</li><li>117</li><li>119</li><li>121</li><li>123</li></ul> {{...") | Nov 19'23 at 14:33 | +497 |