Question
John takes out a loan of $9700 that charges 12% interest compounded monthly. If John makes $130 monthly payments, determine how long it will take
John takes out a loan of $9700 that charges 12% interest compounded monthly. If John makes $130 monthly payments, determine how long it will take him to pay off the loan. Round your answer up.
John will pay off the $9700 loan after ???? months.
I'm using a TI-84 PLUS; the TVM Solver which has the same layout as above: N=, I%=, PV=....
I'm getting .8863 for N; which is incorrect?
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Focus On Personal Finance
Authors: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart
5th Edition
0077861744, 978-0077861742
