Hi. This is Kenny from in a day development welcome to our video tutorial on the N key if you want to calculate how long it will take to repay a loan you will want to solve for n n or a number of payments or a number of periods represents the length of time a payment stream is active let's say you borrow money at 6% per year we put 6 into iyr you borrow $10,000.
We put 10,000 in PV it's a positive number because that's money we've received we pay this money back at $500 per month.
We put negative 500 into PMT it's a negative number because. This is money we're paying out because. This is a monthly payment we have to make sure that our p/yr is set to 12 you can see your p/yr setting in the bottom of your calculators display we want to completely pay this loan off.
It's future value will be 0 and we put that into FV now that our fields are filled in we will click in to calculate how long we're going to be making these payments we see that n is 21 point one two since our p yr our payments per year is set to twelve that means we're using monthly payments and the 21 point 1/2 means it'll take a bit more than 21 months to repay the loan of $10,000 thanks for watching and make sure you get your timbi to financial calculator app from the App Store for iPhone iPad Android and Mac OS if you have any questions about this example please feel free to email us at the team at in a day development com.