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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
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 |
What functions will I use for the Nom Rate, the NPERY, the Effect and the NPER. what will be the amount of years if done in excel
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