Exercises / Finance and business maths · 8 of 14
How long until the card is paid off?
NPER(rate, payment, present value) returns how many periods it takes to pay off a balance with a fixed payment. The payment and the balance have opposite signs.
Your taskIn B5, use NPER to work out how many months it takes to pay off the balance in B1 at the annual rate in B2 by paying B3 a month.
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| Row | A | B |
|---|---|---|
| 1 | Card balance | $6,500.00 |
| 2 | Annual rate | 21.9% |
| 3 | Monthly payment | $250.00 |
| 4 | ||
| 5 | Months to pay off |