Intel recently purchased a new office building costing $200 million. The firm financed this purchase at...
Intel recently purchased a new office building costing $200 million. The firm financed this purchase at 8.25 percent interest with monthly payments of $1,839,789. How many years will it take the firm to pay off this debt. Explain
Please show with a financial calculator.
Homework Answers
| Step 1 | Enter | 200 |
| Step 2 | Press | PV |
| Step 3 | Enter | 0.6875 |
| Step 4 | Press | I/Y |
| Step 5 | Enter | -1.839789 |
| Step 6 | Press | PMT |
| Step 7 | Enter | 0 |
| Step 8 | Press | FV |
| Step 9 | Press | CPT |
| Step 10 | Press | N |
| Months | 201 | |
Hence, it will take 16.75 or 17 years (201 months/12)
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