How long will it take to pay off a loan of $48,000 at an annual rate...
How long will it take to pay off a loan of $48,000 at an annual rate of 12 percent compounded monthly if you make monthly payments of $800? Use five decimal places for the monthly percentage rate in your calculations.
Homework Answers
Information provided:
Loan= present value= $48,000
Monthly interest rate= 12%/12= 1%
Monthly payment= $800
The time to payoff the loan is computed by entering the below in a financial calculator:
PV= -48,000
I/Y= 1
PMT= 800
Press the CPT key and N to compute the time to payoff the loan.
The value obtained is 92.0865.
Therefore, it will take 92.09 months to payoff the loan.
In case of any query, kindly comment on the solution
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