11 You're prepared to make monthly payments of $320, beginning at the end of this month,...

Question

Question

Answer 1

Answer #1

The number of payments made is calculated using NPER function in Excel :

rate = 4%/12 (converting annual rate into monthly rate)

pmt = -320 (Monthly payment. This is entered with a negative sign because it is a cash outflow)

pv = 0 (Beginning balance in account is zero)

fv = 18136 (Ending balance in account)

NPER is calculated to be 52

The number of payments you will have made is 52

Answer 2

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