Ben Patel has a 5-year, 5.6% loan on his car. The current loan balance is $12,500...
Ben Patel has a 5-year, 5.6% loan on his car. The current loan balance is $12,500 with monthly payments of $293.49. He can now afford a $475 monthly payment. How long would it take him to pay off the loan by making a $475 monthly payment?
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24.9 months
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24.8 months
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28 months
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28.1 months
Homework Answers
28.1 months
| Number of periods | = | =nper(rate,pmt,-pv) | ||
| = | 28.1 | |||
| Where, | ||||
| rate | = | 5.6%/12 | = | 0.004666667 |
| pmt | = | $ 475.00 | ||
| pv | = | $ 12,500.00 | ||
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