1. The problem statement, all variables and given/known data Hello! There is a function in Excel NPER which gives the number of periods/years. Here is the data: Present Value = 7 500 Annual rate 18% Number of periods per year 12 Period rate 0.18/12=0.015 Monthly payment -125 Task to find number of years to pay-off loan with minimum PMT of 125 2. Relevant equations When I use Excel function, I get total number of periods during all years (based on period rate of 0.015) 154.65. Divide this by 12 and get the number of years 12.88. But when I do this manually, I can't get the right answer. Please, see my attempt below and correct the math. 3. The attempt at a solution N = number of all periods during all years 125 x ((1 + 18%/12)^(12*N)) = 7500 (1 + 18%/12)^N = 60 1.015^N = 60 log(60) / log(1.015) = 278 periods number of years = 278 / 12 Thank you!