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?

Question

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

I got B (59) is that right?

Answer 1

no
show me your work so I can tell you where you went wrong.

Answer 2

I just added in the numbers to the formula and 59 just appeared so i just assumed that was it lol

Answer 3

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

Answer 4

thats why im asking you for help because idk mate

Answer 5

Again, what formula are you using ??

Answer 6

TVM solver