You are late paying a bill for $11,200.66.You have made arrangements to pay off the bill in installments of $260 per month,and you will be charged monthly interest of 1.2% on the balance owing.How long will it take you to pay off the account balance? (round your answer to nearest month)
A) 61 months
B) 60 months
C) 62 months
D) 63 months
E) 64 months

Question

Quizplus · Accepted Answer

Using a financial calculator:
I/Y = 1.2, PV = 11,200.66, PMT = -260, FV = 0, cpt N = 60.999 or 61 months

You Are Late Paying a Bill for $11,200