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How many months until the loan is repaid in full

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Question - Monthly loan payments are $510. The lender charges  .91 percent per month interest. Hint: The interest rate is already monthly so you don't need to divide it by 12, just move the decimal two places to the left to place it in decimal form, for example 0.91% is .0091 in Excel. The payments are already monthly so don't multiply them by 12. Since you've set it up monthly, the resulting number of periods that Excel calculates is the number of months.  So you don't need to adjust that either.

Required - If the loan amount is $14,730, how many months until the loan is repaid in full?

Reference no: EM133100058

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