Ans 97.78 months
P = | Regular Payments |
PV = | Loan Amount |
r = | rate of interest |
n = | no of periods |
P = | r (PV) |
1 - (1 + r )-n | |
60 = | (13.9%/12)*3500 |
1 - (1 / (1 + 13.9%/12)^n)) | |
60 = | 40.54166667 |
1 - (1 / (1 + 13.9%/12)^n)) | |
n = | 97.78 months |
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