Question

How long will it take to pay off a loan of

​$50 comma 00050,000

at an annual rate of

99

percent compounded monthly if you make monthly payments of

​$600600​?

Use five decimal places for the monthly percentage rate in your calculations.

The number of years it takes to pay off the loan is

nothing

years.  ​(Round to one decimal​ place.)

Answer 1

Number of years have been calculated using the NPER function as follows:-

=NPER(rate,pmt,pv)

=NPER(9%/12,-600,50000)/12

=10.9 years