One of your customers has just made a purchase in the amount of 25,600. You have agreed to payments of 525 per month and will charge a monthly interest rate of 1.35 percent. How many months will it take for the account to be paid off.
48.76 months
80.07 months
86.23 months
74.74 months
37.72 months
Please refer to below spreadsheet for calculation and answer. Cell reference also provided.
Cell reference -
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