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If Philco borrows $60,000 from a loan company at an interest rate of 3.5% per year compounded continuously, and plans to make a payment of
If Philco borrows $60,000 from a loan company at an interest rate of 3.5% per year compounded continuously, and plans to make a payment of $950 per quarter, how may years will it take him to pay off the loan? | ||||||||
PV | $60,000 | |||||||
Rate | 3.50% | pycc | ||||||
PMT | ($950) | pq | ||||||
Nom Rate | pqcc | |||||||
NPERY | cc per qt | |||||||
Effect | pqcq | |||||||
NPER | quarters | |||||||
Years |
I need the NOM RATE, NPERY, EFFECT, NPER, and YEARS done in excel what formulas will I use
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