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6 . 2 1 Calculating the number of annuity periods ) Rajesh has just bought a large flat screen TV for 4 , 0 0

6.21

Calculating the number of annuity periods

)

Rajesh has just bought a large flat screen TV for

4, 000

on hire purchase. He has agreed to pay

16

percent per annum compounded monthly interest on this amount. He has agreed to a monthly payment of

200 .

How long will he take to repay the loan? How much will he pay in interest on this loan?

Not in excel

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