SOLUTION: How much longer will it take monthly payments of $1,000 to pay off a $100,000 loan if the monthly compounded rate of interest on the loan is 10.5% instead of 9.75%

Question 1112511: How much longer will it take monthly payments of $1,000 to pay off a $100,000 loan if the monthly compounded rate of interest on the loan is 10.5% instead of 9.75%
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
How much longer will it take monthly payments of $1,000 to pay off a $100,000 loan if the monthly compounded rate of interest on the loan is 10.5% instead of 9.75%
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1000(1+(0.105/12))^(12t) = 100000
(1.00875)^12t = 100
12t = 2/log(1.00875)
12t = 528.6
time = 44 years
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Cheers,
Stan H.
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