(Annuity number of periods) How long will it take to pay off a loan of $54,000 at an annual rate of 11 percent compounded monthly if you make monthly payments of $500?
Use five decimal places for the monthly percentage rate in your calculations.
The number of years it takes to pay off the loan is ___ years. (Round to one decimal place.)
Ans 42.0 years
P = | Regular Payments |
PV = | Loan Amount |
r = | rate of interest |
n = | no of periods |
P = | r (PV) |
1 - (1 + r )-n | |
500 = | (11%/12)*54000 |
1 - (1 / (1 + 11%/12)^n)) | |
500 = | 495 |
1 - (1 / (1 + 11%/12)^n)) | |
n = | 504 months |
n = | 42.0 years |
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