Asked by .

Bob took out a bank loan for 60 000 that must be repaid with regular monthly payments of $1000. The bank charges him an interest rate of 3.0% compounded monthly. How many payments will Bob have to make to pay off the loan?

a) 70 b) 59 c) 72 d) 66

I got B (59) is that right?
Answered by Reiny
no
show me your work so I can tell you where you went wrong.
Answered by .
I just added in the numbers to the formula and 59 just appeared so i just assumed that was it lol
Answered by Reiny
That's what I used to call mathemagics
- unfortunately you are wrong!

"I just added in the numbers to the formula and 59 just appeared" ---- nonsense!
What formula? Show me if you want help
Answered by .
thats why im asking you for help because idk mate
Answered by Reiny
Again, what formula are you using ??
Answered by .
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