Homework Answers
1) 196.66 or 197 months
Explanation: Using financial calculator to calculate the number of months
Inputs: pv = -1,000,000
Pmt = 8,000
Fv = 0
I/y = 6%/ 12 = 0.5% ( divide by 12 to make it monthly)
N = compute
We get, N = 197 months
2) 150.065 or 150 months
Explanation: Using financial calculator to calculate the number of months
Inputs: pv = -1,000,000
Fv = 0
Pmt = 8,000
I/y = 3% / 12 = 0.25%
N = compute
We get, N = 150.065months
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