Using Excel and all formulas.Time to repay installment loanPersonal Finance ProblemMia Salto wishes to determine...
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Using Excel and all formulas.Time to repay installment loanPersonal Finance ProblemMia Salto wishes to determine how long it will take to repay a loan with initial proceeds of
$17 comma 00017,000
where annual end-of-year installment payments of
$2 comma 8812,881
are required.
a.If Mia can borrow at an annual interest rate of
1212%,
how long will it take for her to repay the loan fully?
b.How long will it take if she can borrow at an annual rate of
99%?
c.How long will it take if she has to pay
1515%
annual interest?
d. Reviewing your answers in parts
a,
b,
and
c,
describe the general relationship between the interest rate and the amount of time it will take Mia to repay the loan fully.
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