Homework Answers
This question requires application of PV of annuity formula, according to which
PV =
r = 19%/12 = 1.5833% (monthly), P = $400, PV = $3000
0.11875 = 1 - (1.015833)-n
(1.015833)-n = 0.88125
Taking log of both sides,
-n * LN(1.015833) = LN(0.88125)
-n * 0.015709 = -0.126414
n = 8.05 months
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