0 1 2 13 15 16 17 P6 21 Modified use the modified numbers in bold below You ve just bought a new 85 inch flat screen TV for 2

Question

0 1 2 13 15 16 17 P6 21 Modified use the modified numbers in bold below You ve just bought a new 85 inch flat screen TV for 2 499 and the store you bought it from offers to let you finance the entire package at an annual rate of 12 compounded monthly If you take the financing and make monthly payments of 83 how long in years will it take to pay off the loan How much will you pay in interest over the life of the loan 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Hint Use the NPER function in Excel to solve the problem The PV figure is the amount you are financing PV 1 m nper pmt FV Total payments PV Interest Paid 2 499 12 00 12 36 00 months 83 00 800 8 33 2 499 2 490 67 number of payme 489 3 00 years 1836 50 4150 36

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