Question

How long will it take to pay off a loan of ​$46 comma 000 at an annual rate of 12​% compounded monthly if you make monthly payments of ​$800 ​(round up)? To pay off the​ loan, it will take approximately nothing years.  ​(Round up to the nearest​ integer.)  

Answer 1

Function Arguments ? х NPER Rate 12%/12 1 0.01 11 Pmt -800 1 -800 Pv 46000 1 46000 FV 0 1 0 Type 에 1 0 85.99373455 Returns the number of periods for an investment based on periodic, constant payments and a constant interest rate. Type is a logical value: payment at the beginning of the period = 1; payment at the end of the period = 0 or omitted. Formula result = 86 Help on this function OK Cancel

Hence, It will take 7 years (86/12).

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