Another question, i have the answer, but i am not sure if my working is the right working.
'A car loan of $10,000 at % is being paid off by n monthly payments. The first (n-1) payments are $263.34 per month. The final payment is $263.24.
Determine the duration of the loan.
What i did was:
where , and n= unknown. After simplification i get n=47.99
Is this working correct? I didn't include the n-1 or the final payment in my calculation, so I think I am wrong.