Question

One of your customers has just made a purchase in the amount of $29,600. You have...

One of your customers has just made a purchase in the amount of $29,600. You have agreed to payments of $650 per month and will charge a monthly interest rate of 1.5 percent. How many months will it take for the account to be paid off?

Multiple Choice

  • 83.12 months

  • 72.03 months

  • 34.97 months

  • 45.54 months

  • 77.18 months

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Answer #1

77.18 months

Number of periods = =nper(rate,pmt,-pv)
=         77.18
Where,
nper Number of periods ?
pmt periodical payment $             650
pv Present value of cash flows $       29,600
rate Interest rate 1.50%
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