Question

How many years will it take you to pay off a loan of $59970 if you...

How many years will it take you to pay off a loan of $59970 if you make semiannually payments of $6580 and the bank is charging you 14% annually? (Express your answer to two decimal places.)

Homework Answers

Answer #1


Using financial calculator BA II Plus - Input details:

#

FV = Future Value =

$0.00

PV = Present Value =

-$59,970.00

I/Y = Rate / Frequency of compounding = 14/2 =

7.0000000000

PMT = Payment =

$6,580.00

CPT > N = Total number of periods =

                     15.02

Convert N periods in total number of years = N/2

                       7.51

Total number of years = 7.51 Years

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