With the given information please confirm if my calculations for how many years it will take to pay off this loan are correct. I need to use excel formulas. Amoutn of loan: 50,000 annual payment 10,000 interest rate: 8% I used the NPER function on excell and my answer was 6.64 years, is this correct?
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
With the given information please confirm if my calculations for how many years it will take to pay off this loan are correct. I need to use excel formulas.
Amoutn of loan: 50,000
annual payment 10,000
interest rate: 8%
I used the NPER function on excell and my answer was 6.64 years, is this correct?
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