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    Around Town Movers recently purchased a new truck costing £97,000. The firm financed this purchase at 8.25 percent interest with monthly payments of £2,379.45. How many years will it take the firm to pay off this debt?



    I assume the PV of annuity formula needs to be used but I have no idea how to rearrange the formula to find 't'

    Thanks!
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    (Original post by SP1234321)
    Around Town Movers recently purchased a new truck costing £97,000. The firm financed this purchase at 8.25 percent interest with monthly payments of £2,379.45. How many years will it take the firm to pay off this debt?



    I assume the PV of annuity formula needs to be used but I have no idea how to rearrange the formula to find 't'

    Thanks!
    See my response to https://www.thestudentroom.co.uk/sho...4#post69314984

    Take the formula in my post and rearrange to solve for 'n'.
 
 
 
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