SOLUTION: How long will it take to pay off a loan of $50,000 at an annual rate of 10% compounded monthly if you make payment of $600?
Algebra.Com
Question 403001: How long will it take to pay off a loan of $50,000 at an annual rate of 10% compounded monthly if you make payment of $600?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Use Excel.
=NPER(0.10/12,-600,50000,0,0)
if you make your first payment at the end of the first month and each subsequent payment at the end of the next month.
=NPER(0.10/12,-600,50000,0,1)
if you make your first payment at the beginning of the first month and each subsequent payment at the beginning of the next month.
The second way is a little quicker, but both are nearly 12 years.
John
My calculator said it, I believe it, that settles it
RELATED QUESTIONS
1) A young couple take out a 30-year home mortgage of $146,000.00 at 7.6% compounded... (answered by Theo)
Help please!!!
A line of credit at 15% interest compounded monthly, with a monthly... (answered by Theo)
You want to borrow $600,000 to buy an apartment, and you can only afford $4,000 a month... (answered by Theo)
My teacher didn't give me any formulas for these things.. please help me!! T~T
1. You (answered by KMST)
How much longer will it take monthly payments of $1,000 to pay off a $100,000 loan if the (answered by stanbon)
When applying for a mortgage, find one that allows you to contribute more money than the... (answered by Theo)
Do appreciate your assistance for me to understand
Q1. A company is selling product... (answered by dafi79)
please help i do not know if i did this question right?
Sandy borrows $20,000 from her (answered by dfrazzetto)
Kara wants to remodel her kitchen. She budgets $25,000 for the job. Her bank is offering... (answered by mananth)
