Answer:
You would have made 58.00 payments
Explanation:
From the given information:
The future value of the annuity = [tex]Pmt \times [\dfrac{(1+rate)^t-1}{rate}][/tex]
[tex]24354 = 320 \times [\dfrac{(1+\dfrac{0.11}{12})^t -1 }{\dfrac{0.11}{12}}][/tex]
[tex]76.11 = [\dfrac{(1+\dfrac{0.11}{12})^t -1 }{\dfrac{0.11}{12}}][/tex]
[tex]76.11 \times {\dfrac{0.11}{12} = [{(1+\dfrac{0.11}{12})^t -1}][/tex]
[tex](1+ (76.11 \times {\dfrac{0.11}{12})) = [{(1+\dfrac{0.11}{12})^t }][/tex]
[tex]In (1+ (76.11 \times {\dfrac{0.11}{12})) = t \ In [{(1+\dfrac{0.11}{12})}][/tex]
[tex]\mathtt{t = \dfrac{In (1+ (76.11 \times {\dfrac{0.11}{12})}} { In [(1+ \dfrac{0.11}{12}]}}}[/tex]
t = 58.00
