In: Finance
You're prepared to make monthly payments of $320, beginning at the end of this month, into an account that pays 9 percent interest compounded monthly. How many payments will you have made when your account balance reaches $20,260?
PMT = -320
I/Y = 9/12 = 0.75
PV = 0
FV = 20260
CPT N
N = 52
We would have made 52 payments