Question

Use the given formula to solve the following problem: when the amount financed is $12,000, the monthly payment is $422.36, and the annual interest rate is 6.65%, how long do you have to pay? n = log of the quantity p divided by the quantity p minus eh r, divided by the log of the quantity 1 plus r

Answer 1

12000=422.36[(1-(0.0665/12)^(-X))/(0.0665/12)]
Solve for x
X=31 months