Question
A business needs to take out a loan for $75,000 at 5.5% interest compounded monthly. If the business can afford to make monthly payments of
A business needs to take out a loan for $75,000 at 5.5% interest compounded monthly. If the business can afford to make monthly payments of only $1,000 on the loan, what is the Excel formula to calculate the number of months required to repay the loan completely?
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077400163
