Beulah took out a loan for $1225 at an 11.4% APR, compounded monthly, to buy a foosball table. If she will make monthly payments of $101.75 to pay off the loan, how many total payments will she have to make?

Question

miracrown · Answer

Ah, is this a business math type of prob? If so, you can simply input the given info into the finance solver section in your calculator. Your Pmt (payments) = 0 as this is what you're trying to find.

miracrown · Answer

You can do it manually too. The calculator method is just eh.. more convenient.

anonymous · Answer

we can use a formula 
m= monthly payment
P= principal
i = monthly interest rate 
n = number of payments
$$ \large m = \frac{Pi(1+i)^{n}}{(1+i)^{n}-1}$$ we are given P, m, i . solve for t 
solving I get n is equal to 12.845 , round up to 13

anonymous · Answer

as miracrown pointed out, you can use a calculator that has financial capability

anonymous · Answer

Using a TI 84 calculator, you can go to TVM solver
I% = 11.4
PV = 1225
PMT = -101.75
FV = 0
P/Y=12
C/Y=12
move highlighted square to N, and press 2nd Enter for solve
N = 12.84589, which agrees with wolfram