Answer:
185.531532 months
15.5 years
Explanation:
We use the NPER formula in this question that is shown in the spreadsheet.
The NPER represents the time period.
Given that,
Present value = $50,000
Future value = $0
Rate of interest = 9% ÷ 12 months = 0.75%
PMT = $500
The formula is given below:
= NPER(Rate;PMT;-PV;FV;type)
The present value come in negative
So, after solving this, the answer in months would be 185.531532 month
And, in year it would be 15.5 years after dividing by 12 months, the number of year comes
