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You owe $10,000 on your car and your interest rate is 4.32% per year. If you...

You owe $10,000 on your car and your interest rate is 4.32% per year. If you make payments of $200 per month, how many payments do you have left? Round to 4 decimals.

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Answer #1

No of payments left is calculated using the NPER function as follows:

=NPER(rate,pmt,pv)

=NPER(4.32%/12,-200,10000)

=55.2244

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