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Mrs. Mich invest some of his savings in a corporate bond paying him dividends of 36,194.96...

Mrs. Mich invest some of his savings in a corporate bond paying him dividends of 36,194.96 at the end of each year. He religiously set aside all these dividends in a savings account that yields him insignificant interest value. At the end of the fifth year however, he decided to pull out his accumulated funds as a downpayment for a two- storey residential structure (including the lot) and agreed to pay his loan on monthly installments for some years at an interest rate of 15% compounded monthly. If the monthly installment was 242,821.87, how many years did he pay his balance?

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Answer #1

Answer :

t= 1.25 years = 15 months

The solution is given below.

In below answer A+P = 242821.87*n*t

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