The number of years it take to pay off loan

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Reference no: EM131054760

1. How long will it take to pay off a loan of $51,000 at the annual rate of 8 percent compounded monthly if you make monthly payments of $800. Use five decimals places for the monthly percentage rate in your calculation.

The number of years it take to pay off loan is ______________ (Round to one decimal place)

2. Your folks just called and would like some advice from you. An insurance agent jsut called them, and offered them the opportunity to purchase annuity for $8,095.30 that will pay them $1,000 per year for 20 years. They don't have the slightes idea what they would be making on their investment of $8,095.30. What rate would they be earning?

Annual rate of return your folks would be earning on their investment is _______ % (Round to two decimals)

Reference no: EM131054760

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The number of years it take to pay off loan : How long will it take to pay off a loan of $51,000 at the annual rate of 8 percent compounded monthly if you make monthly payments of $800. Use five decimals places for the monthly percentage rate in your calculation. The number of years it take to p..

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