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.)

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

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

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1, How many years will it take to pay off a car loan of $25,703 at...
1, How many years will it take to pay off a car loan of $25,703 at an annual rate of 12.38% compounded monthly if you make monthly payment of $614? Please round your answer to the second decimal. e.g. 1.11 2. You are saving money to travel around the globe. You've taken your first job and you plan to save $434 each month into the bank account that pays 7.37% compounded monthly for the next three years for your grad...
 How long will it take to pay off a loan of ​$50,000 at an annual rate...
 How long will it take to pay off a loan of ​$50,000 at an annual rate of 11 percent compounded monthly if you make monthly payments of ​$550​? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is ____ years.
How long will it take to pay off a loan of $55,000 at an annual rate...
How long will it take to pay off a loan of $55,000 at an annual rate of 9 percent compounded monthly if you make monthly payments of $800? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is __ years? Please show your work.
    How long will it take to pay off a loan of ​$48,000 at an annual rate...
    How long will it take to pay off a loan of ​$48,000 at an annual rate of 9 percent compounded monthly if you make monthly payments of ​$450​? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is y   
 How long will it take to pay off a loan of ​$49 comma 00049,000 at an...
 How long will it take to pay off a loan of ​$49 comma 00049,000 at an annual rate of 1111 percent compounded monthly if you make monthly payments of ​$700700​? 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.)
​(Annuity number of​ periods) How long will it take to pay off a loan of ​$47,000...
​(Annuity number of​ periods) How long will it take to pay off a loan of ​$47,000 at an annual rate of 9 percent compounded monthly if you make monthly payments of ​$500​? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is _ years. (Round to one decimal​ place.)
(Annuity number of​ periods)  How long will it take to pay off a loan of ​$51...
(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.)
How long will it take to pay off a loan of $52,000 at an annual rate...
How long will it take to pay off a loan of $52,000 at an annual rate of 8% compounded monthly if you make monthly payments of ​$750​? Use five decimal places for the monthly percentage rate in your calculations.
How long will it take to pay off a loan of $55,000 at an annual rate...
How long will it take to pay off a loan of $55,000 at an annual rate of 9 percent compounded monthly if you make monthly payments of $650 ? Use five decimal places for the monthly percentage rate in your calculations.  ​(Round to one decimal​ place.)
How long​ (in years) will it take Michael Garbin to pay off a ​$5000 loan with...
How long​ (in years) will it take Michael Garbin to pay off a ​$5000 loan with monthly payments of ​$156.49 if the​ add-on interest rate is 5.1​%? Michael Garbin would take ___ years to pay off a ​$5000 loan amount.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT