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Number of payments. Tony is offering two repayment plans to Phil for a long overdue loan. Offer 1 is to receive a visit from an enforcer and the debt is due in full at once. Offer 2 is to pay back $4,000 at the end of the year at an interest rate of 17% until Phil pays off the loan pnncipal How long will it take for Phil to pay off the loan if he takes offer 2? years (Round to two decimal places.) Phil o es Tony S 15.000. How long will it take for Phil to pay off the an e takes offer 2?

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Answer #1

Function Arguments 个 =0.17 Rate 17% Pmt 4000 Pv 15000 个=-4000 = 15000 Type - number 6.463099209 Returns the number of periods for an investment based on periodic, constant payments and a constant interest rate. Fv is the future value, or a cash balance you want to attain after the last payment is made. If omitted, zero is used. Formula result = 6.46 Help on this function OK Cancel

Hence, It will take 6.46 years.

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