Question

 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.)

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Answer #1

Number of years it takes to pay off the loan is 9.4 years (113.32/12)

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