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22 November, 04:24

Lionheart Trucking recently purchased a new truck costing $178,000. The firm financed this purchase at 6.6 percent interest with monthly payments of $2,400. How many years will it take the firm to pay off this debt

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  1. 22 November, 05:50
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    The years of repayment is 7.96 years

    Explanation:

    The number of years of the loan repayment can be computed using nper formula in excel.

    =nper (rate,-pmt, pv, fv)

    rate is the monthly interest rate which is 6.6%/12=0.0055

    pmt is the amount of monthly repayment which is $2,400

    pv is the amount of the finance package received which is $178,000

    fv is the total amount of repayment which is unknown hence taken as zero

    =nper (0.0055,-2400,178000,0) = 95.55 months

    = 95.55 / 12 months=7.96 years
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Home » Business » Lionheart Trucking recently purchased a new truck costing $178,000. The firm financed this purchase at 6.6 percent interest with monthly payments of $2,400. How many years will it take the firm to pay off this debt
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