59 Payments
Explanation:
Future value = $20,175
Monthly payment= $310
Interest rate= 4%/12 = 0.3333% per month
How many payments will you have made when your account balance reaches $20,175?
Now we use Ms Excel to calculate the number of payment
Number of payment = N(FV, -PMT, I/Y)
Number of payment = N(20,175 , -310 , 0.3333%)
Number of payment = 58.9989
Number of payment = 59.