Question

(Annuity number of​ periods)  How long will it take to pay off a loan of ​$51 comma 000 at an annual rate of 9 percent compounded monthly if you make monthly payments of ​$700​? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is nothing years.  ​(Round to one decimal​ place.)

Answer 1

8.8 Years

Time	=	=nper(rate,pmt,-pv)			Where,
	=	105.8	Months		rate	=	9%/12	=	0.0075
					pmt			=	$        700
					pv			=	$ 51,000
Time in years	=	105.8	/	12
	=	8.8	Years