How many months will it take you to pay off a loan of $19,000 at 5% APR compounded monthly if you make monthly payments of $925?
Information provided:
Future value= $19,000
Monthly payment= $925
Interest rate= 5%/12= 0.4167%
The below has to be entered in a financial calculator to compute the time taken to payoff the loan:
FV= 19,000
PMT= -925
I/Y= 0.4167
Press CPT and N to compute the time taken to payoff the loan.
The value obtained is 19.75.
Therefore, the time taken to payoff the loan is 19.75 months.
In case of any query, kindly comment on the solution.
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