Question
if i take out a loan for $10,000.00 and pay $300.00 a month at 5.00 % interest how long until paid off ?
Answers
Writeacher
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Reiny
300( 1 - 1.0041666^-n)/.0041666...) = 10000
1 - 1.00416666^-n = .138888866..
1.00416666..^-n = .861111133
take log of both sides:
-n log 1.0041666.. = log .861111133..
-n = -35.96
n = appr 36
so it would take 36 months or 3 years
1 - 1.00416666^-n = .138888866..
1.00416666..^-n = .861111133
take log of both sides:
-n log 1.0041666.. = log .861111133..
-n = -35.96
n = appr 36
so it would take 36 months or 3 years