Answer:
61 months, about 5.07 years
Step-by-step explanation:
You want the time it takes to pay off a loan of $11,000 at 4% compounded monthly when the payment is $200 per month.
Number of payments
The number of payments required can be found by solving the amortization formula, or using any spreadsheet, financial calculator, or suitable app.
The attachment shows the number of months required is about 60.9.
It will take 61 months, or about 5.07 years to pay off the loan.
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Additional comment
The formula for the number of monthly payments on a loan amount of P at interest rate r with monthly payments of A is ...
[tex]N = -\dfrac{\log{\left(1-\dfrac{Pr}{12A}\right)}}{\log{\left(1+\dfrac{\vphantom{R}r}{12}\right)}}[/tex]
