Lionheart Trucking recently purchased a new truck costing $178,000. The firm financed this purchase at 6.6 percent interest with monthly payments of $2,400. How many years will it take the firm to pay off this debt

The years of repayment is 7.96 years

Explanation:

The number of years of the loan repayment can be computed using  nper formula in excel.

=nper(rate,-pmt,pv,fv)

rate is the monthly interest rate which is 6.6%/12=0.0055

pmt is the amount of monthly repayment which is $2,400

pv is the amount of the finance package received which is $178,000

fv is the total amount of repayment which is unknown hence taken as zero

=nper(0.0055 ,-2400,178000,0)= 95.55   months

= 95.55 /12 months=7.96 years

answer; (c) communism and socialism;