70. Jennifer has unfortunately left school with $100,000 of debt. She is being charged interest at...
70. Jennifer has unfortunately left school with $100,000 of debt. She is being charged interest at 8% per year. If she can afford to pay back $10,000 per year beginning next year. How long does she need to pay off the debt?
Homework Answers
Amount of debt (PV) = $ 100,000
Rate = 8% per year
Amount per year (PMT) = 10,000
Years to pay off the debt (nper) = ![=nper(8%, 10000 100000 NPER(rate, prt, pv, [fv], [type])](http://img.homeworklib.com/questions/c970bfe0-7a6c-11ea-9f57-43a0e9da9660.png?x-oss-process=image/resize,w_560)
=
20.91 years= approx 21 years
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