Kenton borrows $250,000 on January 1, 2012 to be repaid in 12 annual installments at an effective annual rate of interest of 12%. The first payment is due on January 1, 2013. Instead of annual payment he decides to make monthly payments equal to one-twelfth the annual payment beginning on February 1, 2013. Determine how many months will be needed to pay off the loan. (Ans : 129.381291)
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